The Ibovespa slipped below 189,500 on Thursday amid another wave of corporate earnings releases. In the pulp and paper sector, Itaú BBA revised its forecasts, cutting Klabin to “market perform” from “outperform,” which drove the stock down more than 2.5%. The bank kept its “outperform” recommendation on Suzano and raised its end-2026 target price after the company posted strong quarterly results; Suzano’s shares added 0.4%.
Banco do Brasil advanced nearly 5% after reporting adjusted net income of R$5.7 billion in 4Q25—down 40.1% year-on-year but up 51.7% from the previous quarter, beating market expectations. Ambev also outperformed, climbing almost 4% after exceeding forecasts for both net revenue and adjusted EBITDA. In the opposite direction, Petrobras slipped 1% as falling oil prices weighed on the stock.
