Brazilian stocks finished the session higher on Wednesday, with the benchmark Bovespa index rising 1.99% to record a new closing high in Sao Paulo. The market advance was driven by gains in the Basic Materials, Industrials and Electric Power sectors, where several large-cap names posted notable upticks.
The top-performing stock on the Bovespa for the day was Suzano Papel e Celulose SA (BVMF:SUZB3), which climbed 11.97% - a 6.12-point increase - to close at 57.24. Telecom operator Tim Participacoes SA (BVMF:TIMS3) added 8.12%, rising 2.11 points to finish at 28.10, while travel and leisure firm Cvc Brasil ON (BVMF:CVCB3) gained 7.20%, or 0.18 points, to end the session at 2.68.
On the downside, Totvs SA (BVMF:TOTS3) led the decliners, falling 2.08% - a drop of 0.82 points - to close at 38.52. Pharmaceutical company Hypera SA (BVMF:HYPE3) slipped 1.30% or 0.31 points to 23.57, and B3 SA Brasil Bolsa Balcao (BVMF:B3SA3) ended down 0.74% or 0.13 points at 17.32.
Market breadth on the B3 Stock Exchange showed more winners than losers, with 542 advancing stocks versus 405 decliners, and 62 securities finishing unchanged.
Tim Participacoes SA (BVMF:TIMS3) was noted as reaching an all-time high during the session, having risen 8.12% or 2.11 to 28.10.
Volatility gauges moved lower as the CBOE Brazil Etf Volatility index, which tracks implied volatility for Bovespa options, fell 4.98% to 31.29.
Commodities displayed mixed performance. Gold Futures for April delivery rose 1.56%, up 78.34 to $5,109.34 a troy ounce. Crude oil for March delivery increased 1.53% or 0.98 to $64.94 a barrel. The March US coffee C contract inched higher by 0.05% or 0.15 to trade at $294.35.
Currency moves were modest: USD/BRL declined 0.13% to 5.19, while EUR/BRL fell 0.28% to 6.16. The US Dollar Index Futures ticked up 0.09% to 96.76.
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