SAO PAULO--Brazilian stocks moved higher on Monday, but the
clear winner was low-cost airline Gol Linhas Aereas Inteligentes
SA.
Stocks broadly followed global markets, with a strong start to
the session, but enthusiasm waned through the rest of the day. The
Ibovespa stocks index in Sao Paulo ended 0.7% higher, at 59,571
points.
There was some positive news for industry in Brazil, with a
monthly manufacturing survey pointing to some signs of recovery in
September.
The HSBC Manufacturing PMI rose slightly in September, reaching
49.8 versus 49.3 in August.
The survey "reinforces perceptions that Brazil's manufacturing
sector experienced a modest rebound at the end of the third quarter
and supports the improvement of sentiment regarding the economic
outlook for the fourth quarter of 2012," said Andre Loes, HSBC's
chief economist, Brazil.
The two main blue chips on the Sao Paulo exchange were split,
with Petroleo Brasileiro SA (PBR, PETR4.BR) up 0.6%, at BRL22.51,
and mining giant Vale SA (VALE, VALE5.BR) was down 0.1%, at
BRL35.24.
The biggest winner was Gol, which soared 10.6%, up BRL12.80.
After the market closed, the airline unveiled plans to buy 60 737
MAX aircraft from Boeing Co. (BA). Some traders had speculated that
the airline was planning to announce some sort of merger or
acquisition.
Write to Matthew Cowley at matthew.cowley@dowjones.com
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