Ibovespa Falls to Two-Week Low as Oil Drop Punishes Petrobras
- Raw-material producers among biggest losers on stock benchmark
- Power utilities Cesp, Copel gain on privatization plans
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The Ibovespa fell to the lowest in two weeks as oil giant Petroleo Brasileiro SA’s drop overshadowed a rally by power utilities amid speculation that deals in the industry will pick up.
Petrobras, as Brazil’s state-run giant is known, joined a global oil industry rout as crude slid on data showing U.S. stockpiles rose. Cia. Energetica de Sao Paulo, known as Cesp, surged after saying late Tuesday that the council overseeing the state privatization program recommended the governor resume plans to sell the utility. Cia. Paranaense de Energia, known as Copel, climbed after Reuters reported it may sell a stake in water company Cia. de Saneamento do Parana, or Sanepar.