Brazil Stocks Gain as Economic Growth Boosts Commodity Outlook

Dec. 9 (Bloomberg) -- Brazilian stocks rebounded, led by commodity producers, on speculation a growing economy will sustain demand for raw materials.

Usinas Siderurgicas de Minas Gerais SA paced gains for steelmakers after Brazil’s gross domestic product unexpectedly jumped 6.8 percent in the third quarter. Petroleo Brasileiro SA rose 3.3 percent after the company said it may be able to produce oil from its pre-salt fields for less than $40 a barrel. Positivo Informatica SA soared the most ever on speculation Dell Inc. and China’s Lenovo Group Ltd. may bid for the company.

The GDP number “reflects what we’ve been hearing from the companies, that, activity has slowed down but it hasn’t slowed down that much and some sectors haven’t slowed on at all,” said ,William Landers who manages $3 billion in Latin American equities at BlackRock Inc. in Plainsboro, New Jersey. “If you talk to the banks, they’re still lending; if you talk to the steel companies, they’re not shutting down completely; if you talk to the retailers, they’re still selling on credit.”

Brazil’s Bovespa Index rose for a third day, gaining 0.6 percent to 38,522.76 at 12:11 p.m. New York time. The index fell as much as 1.3 percent earlier. Mexico’s Bolsa climbed 1.4 percent and Chile’s Ipsa surged 1.8 percent.

Usiminas rose 4 percent to 26.65 reais.

Petrobras jumped 68 centavos to 20.89 reais.

“We’re optimistic that we can produce oil at a cost below $40 a barrel in pilot production in the pre-salt oil fields,” said Theodore M. Helms , investor relations executive manager, said during an investor conference in New York. The so-called pre-salt areas are underwater oil fields beneath a layer of salt.

Positivo rose 53 percent to 9.45 reias. It had gained as much as 126 percent earlier.

Lenovo Chief Executive Officer said today he expects personal-computer companies to consolidate “soon” because of the global slump in stock prices, adding to speculation that Lenovo may be interested in Positivo. Amelio said there is “no news to share on” the possible plans.

“Besides the fact Lenovo’s CEO said he sees more industry consolidation, the shares are really cheap now compared with the company’s prospects,” said , who manages the equivalent of $2.4 billion as head of equities at Unibanco Asset Management.