03.09.202613:37:00UTC+00Ibovespa Rises Ahead of New Election Poll

The Ibovespa advanced more than 1.5% on Thursday, moving above the 188,000 mark, extending the previous session’s rally and heading for a 12th straight day of gains ahead of the release of a new electoral poll. Datafolha’s survey is due later in the day, following a Quaest poll published on Wednesday that showed President Lula and Senator Flávio Bolsonaro—viewed by markets as more fiscally conservative amid high interest rates and sluggish economic activity—in a technical tie in a potential runoff.

Major bank stocks strengthened: Itaú rose about 1.5%, Bradesco gained close to 1%, and Banco do Brasil advanced nearly 2%. Elsewhere in the financial sector, Itaúsa climbed almost 2%, and B3 added close to 3%. Utilities also traded higher, with Axia and Sabesp each gaining around 1.5%.

In commodities, Petrobras advanced nearly 1.5% as oil prices increased against the backdrop of rising tensions in the Middle East. Vale added almost 1%, supported by higher iron ore prices. Among steelmakers, CSN surged close to 20% after announcing that Benjamin Steinbruch would step down as CEO, to be succeeded by Fabio Schvartsman.