SAO PAULO, Oct 28 (Reuters) - Brazilian stocks rose 0.5 percent on Friday, with shares of steelmaker Usinas Siderúrgicas de Minas Gerais SA leading gains after cost-cutting measures sharply narrowed its quarterly loss.
Usiminas, as Brazil's largest flat steelmaker is commonly known, posted a third-quarter net loss of 107 million reais ($34 million), compared with a year-earlier loss of 1.04 billion reais.
Preferred shares rose 8.4 percent to 4.51 reais, their highest in over a year.
The advance helped offset a 2.3 percent decline in shares of brewer Ambev SA after it cut forecasts for net revenue growth and investments this year.
Ambev had a "historically weak" third-quarter performance in its Brazilian operations, Credit Suisse analysts wrote in a report, citing steep drops in beer and soft drinks sales.
Brazil's real currency weakened 1 percent in its second straight day of losses after on Wednesday hitting its strongest level in more than a year. .
Reporting by Bruno Federowski; Editing by W Simon