The Ibovespa rallied the most among the world’s major stock benchmarks as state-controlled oil producer Petroleo Brasileiro SA rose on speculation a presidential election poll will show rising support for opposition candidate Marina Silva.
Dental plans provider Odontoprev SA climbed the most in a week after announcing the start of operations of a joint venture with BB Seguridade Participacoes SA. Miner Vale SA followed iron ore lower.
The Ibovespa climbed 2.3 percent to 59,735.17 at the close of trading in Sao Paulo, with 61 of 70 member stocks rising. Brazil’s benchmark equity index has gained 33 percent from this year’s low on March 14, the biggest increase during the span among major stock markets, as state-run companies jumped on wagers that President Dilma Rousseff will lose her re-election bid.
“A new poll will be released in the next few days, and the market expects it to show Silva gaining support,” Alvaro Bandeira, a partner at Orama Asset Management, said by phone from Rio de Janeiro. “Expectations regarding the election have been the main reason for Brazilian stocks to gain in the short term.”
Ibope institute finishes collecting interviews on an election poll tomorrow. Datafolha institute will hold an election poll on Aug. 28 and 29, according to Brazil’s election court.
Petrobras, as Petroleo Brasileiro is known, rallied 5.4 percent to 22.04 reais, its highest price since Oct. 2012. Odontoprev added 1.3 percent to 9.45 reais. Vale fell 0.8 percent to 27.70 reais. Iron ore for immediate delivery fell 90 cents, or 1 percent, to $89.20 a ton, according to a price index compiled by The Steel Index Ltd.
Trading volume of equities in Sao Paulo was 6.55 billion reais, according to data compiled by Bloomberg. That compares with a daily average of 6.55 billion reais this year through Aug. 22, according to data from the exchange.