By Alexander Ragir and Emily Schmall
Sept. 21 (Bloomberg) -- Brazil’s Bovespa index rose as steelmakers and miners climbed on the prospect the recovering economy will bolster earnings, overshadowing declines for banks.
Gerdau SA led gains for steelmakers after Itau Unibanco Holding SA said Brazil’s largest steel producer may outperform on the outlook for “stronger than expected” third-quarter earnings. Vale SA, the world’s biggest iron ore miner, climbed 1 percent after a central bank survey showed Brazil’s economy will extend its recovery from the global financial crisis in the second half of 2009 and won’t shrink for the year overall. Banco Bradesco SA led a decline in financial stocks after Spain’s Banco Santander SA said it aims to raise as much as $7.2 billion by selling shares in its Brazilian business.
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