Brazilian Stocks Advance With Vale, Petrobras; Gerdau Slides

Brazil’s stock index Ibovespa rises 1.1%, with Vale and Petrobras. Preferred shares of Brazilian steelmaker Gerdau SA, meanwhile, slump after BofA cut its recommendation due to weak demand.

• Petrobras rises 0.9%:
  • Brazil’s state-controlled oil giant Petroleo Brasileiro SA will continue with its current price policy, making adjustments only when technical guidelines suggest the need for them.
  • Petrobras Chief Executive Officer Jean Paul Prates defended the company’s current oil price policy on X, formerly known as Twitter, on Sunday
• Light falls 2.0%:
  • Rio de Janeiro’s power utility Light SA scheduled a general meeting of creditors to discuss its financial recovery plan and debt ...