Ibovespa Surges to Historic High

The Ibovespa edged down to trade below 189,500 on Thursday amid another round of corporate earnings. Itaú BBA revised its estimates for the pulp and paper sector, downgrading Klabin to market perform from outperform, sending the stock down over 2.5%. The bank maintained its outperform rating on Suzano and raised its end-2026 target price after upbeat quarterly results; shares rose 0.4%. Meanwhile, Banco do Brasil jumped nearly 5% after reporting adjusted net income of R$5.7 billion in 4Q25, down 40.1% year-on-year but up 51.7% quarter-on-quarter, above expectations. Likewise, Ambev gained almost 4% after topping forecasts for net revenue and adjusted EBITDA. In contrast, Petrobras fell 1% as oil prices declined.

The Ibovespa surged 2% to close at 189,699, its highest closing level on record and setting its 11th all time high of 2026, as a stronger than expected US payroll report and a broad based earnings rally fueled risk appetite. Suzano soared 13.3% after upbeat quarterly results, while Klabin climbed 6% and TIM advanced 7.9% on earnings that topped estimates. Vale jumped 3.5% on firm iron ore prices and optimism that shares could surpass R$100 this year, while Petrobras gained 3% as oil futures strengthened. Banks added to the advance, with Bradesco up 2.5%, Itaúsa 2.6% and Santander Brasil 0.6%, while Banco do Brasil edged 0.4% higher ahead of results.

The Ibovespa rose about 1% to trade near 188,000 on Wednesday, as investors focused on a busy earnings session. Suzano surged over 6% after reporting fourth-quarter results above expectations. TIM Brasil jumped 7.5% as net profit reached nearly R$1.35 billion in the fourth quarter, up 27.9% year-on-year. The company also agreed to acquire the remaining 51% stake in I-Systems from IHS Brasil for R$950 million, becoming sole shareholder. Klabin gained more than 2% after posting fourth-quarter net profit of R$168 million. After the close, Banco do Brasil, Assaí and TOTVS are set to report results. In addition, Petrobras rose over 1% as oil prices climbed amid ongoing US-Iran tensions, while Vale advanced nearly 2% on higher iron ore prices.