Brazil’s Ibovespa index was nearly 0.5% higher to test the 162,500 mark on Wednesday with support from commodity-backed giants and utility providers, while markets assessed the outlook of Brazil’s interest rates. Petrobras shares were nearly 1% higher, tracking the extended rally in crude oil benchmarks due to increasing geopolitical tension in Iran. Additionally, Vale added more than 1% despite a poor session for ferrous metals in major exchanges, receiving further support from Capital World Investors disclosing an increase in its stake to more than 5%. In the meantime, fresh polls indicated that incumbent President Lula is currently a firm favorite over right-wing opposition candidates, former President Bolsonaro’s son, Flavio, and current Sao Paulo Governor Tarcisio de Freitas.
