Brazil’s benchmark Ibovespa index advanced 0.51% to 171,906.72 points on Monday, paring earlier losses that saw the gauge drop to an intraday low of 169,330.39. The session’s trading volume totaled R$ 25.33 billion, while the index remained 3.42% lower for the month despite the daily gain.
Braskem led decliners after its board approved an extrajudicial recovery plan covering debts of approximately $10.9 billion, alongside a potential capitalization through a share offering. The company, jointly controlled by Petrobras and IG4 Capital, will be removed from B3 indices after Tuesday’s regular trading session. Shares of Braskem fell 6.71%.
Yduqs surged 12.83% following reports of preliminary discussions with Afya regarding a potential business combination. Afya shares, however, slipped 0.77%.
Vale’s ON shares rose 2.8% to R$ 77.13, supported by firmer iron ore futures in China and expectations of stronger demand ahead of the September construction peak. CSN Mineração’s ON shares advanced 1.19%. Petrobras declined 1.96% as international oil prices eased amid Braskem’s debt restructuring announcement.
Usiminas’ PNA and ON shares jumped 8.7% and 18.04%, respectively, after a report by O Globo columnist Lauro Jardim suggested controlling shareholder Ternium was considering taking the company private. Ternium did not immediately comment. CSN ON, which holds a stake in Usiminas, gained 7.72%, while Gerdau PN slipped 0.05%.
Suzano rose 3.00% to R$ 46.32 following a Bank of America upgrade to buy with a raised price target of R$ 61. Oncoclinicas surged 32.17% to R$ 1.52 ahead of a CVM ruling on mandatory tender offer appeals, though the stock is not part of the Ibovespa index.
In the banking sector, Itaú Unibanco PN added 0.34%, Bradesco PN rose 0.18%, Banco do Brasil ON gained 0.92%, and Santander Brasil Unit was up 0.34%.
