Ibovespa jumps nearly 1.5% on new presidential election poll

The Ibovespa rose nearly 1.5% and was trading around the 182,000 mark on Wednesday after a new election poll was released. A Quaest poll on voting intentions for president in the October election showed President Lula and Senator Flávio Bolsonaro in a technical tie. In a potential runoff, Lula had 42% of voting intentions versus 41% for Flávio Bolsonaro. Brazilian bond yields fell after GDP data showed a sharp contraction in consumer spending.

Oil prices also eased from recent peaks after a rally driven by escalating Middle East tensions, which helped credit-sensitive stocks. Energy costs and yields remained elevated. Major banks advanced, with Banco do Brasil up nearly 1%. Utilities also traded higher, with Sabesp rising over 1% and Eneva adding more than 2%.

Petrobras fell 0.5% as oil prices declined.