The Ibovespa traded almost flat around the 198,000 level on Thursday, holding near the record highs set earlier in the week, as optimism over a possible peace agreement in the Middle East continued to bolster risk appetite. A key Pakistani mediator in Tehran, along with the Trump administration, signaled progress toward a deal that could reopen the Strait of Hormuz.
Oil prices extended their advance amid ongoing supply uncertainty, though they remained well below recent peaks. That dynamic limited gains for Petrobras, which rose 0.3%, while simultaneously easing energy‑driven stagflation concerns and supporting the financial sector. Itaú gained 0.5%, and both Bradesco and Banco do Brasil climbed 1%.
In the commodities space, Vale added 1% on the back of higher iron ore prices. On the downside, Ambev fell more than 2% after UBS upgraded its rating on the stock from “sell” to “neutral.”
On the macroeconomic front, the IBC-Br activity index increased 0.6% month-on-month, slightly above the 0.5% consensus forecast, driven primarily by a 1.2% expansion in industrial output.
