Brazilian stocks rose to the highest level in a week after commodity prices advanced and steelmaker Cia. Siderurgica Nacional SA’s profit topped analyst estimates, bolstering the earnings outlook for material producers.

CSN, as Brazil’s third-biggest steelmaker is known, and rival Gerdau SA jumped more than 3 percent. Petroleo Brasileiro SA and Vale SA, Brazil’s largest oil and mining companies, rose as a weaker U.S. dollar heightened the appeal of commodities. Centrais Eletricas Brasileiras SA gained the most in two months on speculation the utility was moving closer to paying 10 billion reais in overdue dividends.

The Bovespa index added 2 percent to 63,912.57. The index of the 63 most-traded stocks entered a correction last week, losing more than 10 percent from a peak, after the government imposed a so-called IOF tax of 2 percent on foreign purchases of equity and fixed-income securities. It has pared losses since the tax was announced to 5 percent.

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