Most Brazil Stocks Gain as Valuations Offset Commodities Drop

Bloomberg reports most Brazilian stocks gained as the cheapest valuations in two and a half years lured investors, offsetting a drop in commodity prices.

The market news is quoted as saying,

Retailer Magazine Luiza SA gained after it said in a regulatory filing it agreed to buy retail chain Bau da Felicidade. Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA, the second-worst performer on the Bovespa index this year, gained the most in one week. Iron-ore miner Vale SA and oil producer OGX Petroleo & Gas Participacoes SA followed metal and crude lower.

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