By Jeffrey T. Lewis
SAO PAULO--Brazilian shares rose Wednesday, with Vale SA
advancing after the iron miner said investment will plunge through
2018, and the real weakened against the dollar.
The Ibovespa stocks index rose 2% to 53876 points. The real
exited active trading at 3.1158 to the dollar, according to Tullett
Prebon via FactSet, after closing at 3.1010 on Tuesday.
Vale said Wednesday it will invest a total of $9 billion this
year, down from $12 billion last year, and then invest another $7
billion in 2016. Capital spending will continue to slow in 2017 and
2018, to $5 billion and $4 billion respectively.
The company also said it expects to raise between $6 billion and
$7 billion with the sale of certain assets that aren't part of its
core business. Vale's preferred shares rose 4.8% to 17.80
reais.
Shares of Petroleo Brasileiro SA, the state-controlled oil
company known as Petrobras, gained 0.6% to 13.05 reais as the price
of oil rose following a U.S. report showing stronger-than-expected
demand for crude oil and gasoline.
-Rogerio Jelmayer contributed to this article.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com