Brazilian stocks rose for the fourth time in a week, led by retailers and banks, after Christmas shopping increased from last year and lending rose in November.
The Bovespa Index's gain was led by Cia. Energetica de Sao Paulo, Brazil's third-largest power generator, which rose the most since shares started trading in Sao Paulo after the government approved plans to sell its controlling stake. Lojas Americanas SA, Brazil's biggest retailer, advanced the most in three weeks.
``All the figures are indicating that Christmas sales were very strong,'' said Eduardo Favrin, who oversees $3 billion as head of equities at HSBC Investments Brasil and expects banks and consumer stocks to lead the Bovespa index in 2008. ``The economic reality justifies the gains.''
The Bovespa index of most-traded shares on the Sao Paulo exchange rose 661.46, or 1.1 percent, to 63,759.17 at 9.56 a.m. New York time. The measure has gained 43 percent this year, thus proving that Brasil in well positioned for economic growth in 2008.
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