Brazil stocks rise led by banks, real weakens

SAO PAULO, April 23 (Reuters) - Brazil's stocks gained for a second consecutive session on Thursday as a surge in bank lending in March stoked shares of Banco do Brasil, Bradesco and other financial shares, while the national currency weakened.

The Bovespa index .BVSP of the Sao Paulo stock exchange gained 1.36 percent to 45,499.49, adding to the 1 percent gain posted on Wednesday. State-run energy giant Petrobras rose for the first time in four sessions, also helping lift the index.

Bank lending in Brazil surged 26.1 percent in March, the first month-on-month rise since January, signaling a thaw in credit markets in Latin America's largest economy.

Brazilian banks also benefited from positive sentiment toward financial stocks after better-than-expected earnings at Britain's Barclays and Switzerland's Credit Suisse.

"Corporate results, especially from banks, came above expectations and are supporting the optimism," said Bruno Lembi, a partner at M2 Investimentos.

Itau Unibanco (ITAU4.SA: Quote, Profile, Research), Latin America's largest bank by assets, gained 1 percent to 27.09 reais and Bradesco (BBDC4.SA: Quote, Profile, Research) was up 2.5 percent to 25.49 reais.

Federally controlled Banco do Brasil (BBAS3.SA: Quote, Profile, Research) climbed 3.3 percent to 18.39 reais. The bank replaced several top executives on Thursday as newly appointed Chief Executive Officer Aldemir Bendine took the helm of the federally controlled lender. For details, please see [ID:nN23320253]

Petrobras (PETR4.SA: Quote, Profile, Research) gained 0.98 percent to 28.89 reais as investors snapped up the stock after it lost 4.6 percent over three straight sessions.

Brazil's largest beef processor JBS (JBSS3.SA: Quote, Profile, Research) rose 1.5 percent to 6.18 reais. The company raised $700 million of bonds due in 2014 through two U.S. subsidiaries, nearly double the $400 million initially planned.