Brazilian Stocks Advance as Crude Rally Bolsters Petrobras
- State-controlled producer also reports sale of gas pipeline
- Steelmakers Gerdau, Usiminas among top performers on Ibovespa
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The Ibovespa rose for a second day as raw-material producers including oil company Petroleo Brasileiro SA followed gains in commodity prices.
Petrobras, as Petroleo Brasileiro is known, also completed negotiations to sell a natural gas distribution network as part of an aggressive divestment strategy to reduce debt. Steel companies Metalurgica Gerdau SA and Usinas Siderurgicas de Minas Gerais SA were among the best performers on the index. Homebuilder Gafisa SA also surged after Banco Santander SA started covering the stock with a buy recommendation.