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27.08.202620:38:09UTC+00Ibovespa Rises on Energy and Mining Gains

The Ibovespa advanced 0.3% on Thursday, closing at 175,135 points, driven by gains in the energy and mining sectors. Oil prices climbed after the United States and Iran exchanged recriminations over Washington’s plan to ramp up economic pressure on Tehran by imposing sanctions on its trading partners, which boosted energy stocks. Petrobras rose 3%, while PRIO added 0.5%.

Vale gained 0.8% even as iron ore prices declined. The company is evaluating the potential to recover rare earths, gold, and other minerals from mining tailings as part of a broader strategy to increase the recovery of already extracted materials. Vale also entered into a partnership with Adani Ports and NMDC to develop an integrated iron ore blending facility in India.

The drop in iron ore prices supported steelmakers: Gerdau climbed 4.8% and CSN advanced 1.9%. Caixa’s shares rose 0.5% after the bank reported a 5.9% increase in second-quarter profit and an expansion of its loan portfolio.

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