Ibovespa adds 0.3% as energy and mining stocks outperform
Brazil’s Ibovespa rose 0.3% to 175,135, supported by gains in energy and mining. Petrobras climbed 3% and PRIO rose 0.5%; Vale gained 0.8% despite lower iron ore prices.
The Ibovespa added 0.3% to close at 175,135 on Thursday, supported by gains in the energy and mining sectors.
Crude prices moved higher after the US and Iran traded recriminations over Washington’s pledge to increase economic pressure on Iran by targeting its trade partners with sanctions, lifting energy stocks.
Petrobras rose 3% and PRIO gained 0.5%.
Vale rose 0.8% despite lower iron ore prices.
The company is assessing the possibility of recovering rare earths, gold and other minerals from mining tailings as part of a 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.
Lower iron ore prices supported steelmakers, with Gerdau up 4.8% and CSN adding 1.9%.
Caixa gained 0.5% after reporting a 5.9% increase in 2Q profit and an expansion in its credit portfolio.