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21.08.202614:03:44UTC+00Ibovespa Rises Ahead of New Election Poll

The Ibovespa climbed more than 1% on Friday, moving above the 170,000 mark ahead of the release of a new election poll. Datafolha is expected to publish fresh projections for the October presidential race. Earlier in the week, a BTG/Nexus survey showed President Lula and Senator Flávio Bolsonaro—seen by markets as more fiscally conservative at a time when elevated domestic interest rates have been weighing on economic activity—in a statistical tie in a potential runoff.

Financial stocks advanced, with Itaú, Bradesco, Itaúsa, Banco do Brasil and B3 each rising around 1%. Credit-sensitive names also benefited from lower oil prices, which helped pull bond yields down. Elsewhere, Vale gained almost 1.5% as iron ore prices strengthened. Meanwhile, Petrobras (+0.5%) reported it had registered interest in offshore exploration blocks in Ghana.

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