Main benchmark index for the Brazilian equity market.
Last 90 days
The Ibovespa turned the month around: after the eleven-session slide that ended August 19, the index strung eight straight gains and closed the August 28 week up about 2.7%, anchored on Selic-cut bets fed by IPCA-15 deflation and weak Caged data. Foreign flows remain contested — weekly inflows against record monthly outflows.
Updated October 27, 2026 · 32 verified articles
Market transmission
Its composition concentrates highly liquid companies and sectors, reflecting aggregate moves and specific weights.
Explanatory mechanism, not a forecast or recommendation.The Ibovespa closed down 13.88% at 176,608.23 points on October 26, and the dollar rose 8.21% to R$ 5.4027, in a session that triggered a circuit breaker, the first since 2020, on the first trading day after Lula reelection, according to Agência Brasil, Exame and CNN Brasil.
After Lula reelection, EWZ, the main Brazil ETF in New York, was down nearly 20% in off-hours trading, the real was losing about 10% in CME contracts and Petrobras and Itaú ADRs were down more than 15%, according to CNN Brasil, InfoMoney, Exame and Bloomberg Línea.
The Quaest poll released on October 21 shows Flávio Bolsonaro at 45% and Lula at 44% of runoff voting intentions, a statistical tie. That day the Ibovespa fell 0.86% to 206,495 points and the dollar rose 0.17% to R$ 5.027, according to InfoMoney, Poder360 and Investidor10.
Foreign investors poured R$ 10.06 billion into Brazilian stocks on October 5, the first session after the first round, the largest daily inflow in the series Bloomberg has tracked since 2008. That day the Ibovespa rose 7.7% to a record close.
The Ibovespa closed Monday, October 5, at 206,911.89 points, up 7.70% and a record close, its first time above 200,000 points. The dollar fell about 4.1% and closed near R$ 5.00. It was the first session after the first round, in which Flávio Bolsonaro finished ahead of Lula; banks and Petrobras led the gains.
With more than 99.9% of polling sections counted, Flávio Bolsonaro (PL) had about 47% of valid votes and Lula (PT) about 45%. The two face each other in an October 25 runoff. Flávio beat election-eve polls that had Lula ahead, and abstention reached 21.07% of the electorate.
B3's board approved R$ 1.128 billion in interest on equity: R$ 378 million ordinary (R$ 0.07590407 per share) and R$ 750 million extraordinary (R$ 0.15060331), totaling R$ 0.22650738 gross and R$ 0.18686859 net per share. The record date is September 22, shares go ex on September 23 and payment is on October 7.
A decree signed on September 17 raises the minimum Bolsa Família benefit from R$ 600 to R$ 691 from October, restoring INPC inflation since March 2023. The cost is R$ 5.8 billion in 2026 and about R$ 22 billion in 2027, without raising the spending cap, according to the government. The Ibovespa lost as much as 3,600 points and the dollar rose before the market recovered; Justice André Mendonça, at the electoral court, rejected a suit against the increase. Update: on September 18 Gilmar Mendes validated the decree at the AGU's request, and Durigan said the offset will come from expense reallocations, including pensions, detailed on September 24.
Average daily traded volume in equities on B3 rose 26.1% in August from August 2025, to R$ 30.284 billion, and 33.8% from July. Futures traded R$ 9.608 billion a day, up 3.3%, with revenue per contract down 12.8%. The number of investors reached 5.82 million.
At the September 15 extraordinary session, the STF plenary rejected by 4 votes to 3 the point of order raised by Gilmar Mendes to judge together the request to investigate Alexandre de Moraes and the request against André Mendonça: Edson Fachin, Mendonça, Luiz Fux and Cármen Lúcia voted to keep the cases separate, and Gilmar, Cristiano Zanin and Moraes for joint analysis; Flávio Dino asked for more time to review and the session was suspended without a vote on the merits of Petition 16,662. Dias Toffoli declared himself suspect and Nunes Marques impeded; Moraes accused Mendonça of having demanded that the Federal Police include his name in the Daniel Vorcaro plea deal, which Mendonça denied, and Cármen Lúcia said the court had caused civic unease. The Mendonça case stays scheduled for September 23.
Petrobras shares rose on September 15, PETR4 3.09% to R$ 50.43 and PETR3 3.63% to R$ 56.23, with November Brent up 2.9% to US$ 108.75 and WTI up 4.38% to US$ 105.83 after the Saudi pipeline shutdown and the suspension of loadings at Yanbu; the company reported output of 2.92 million barrels a day in August, up 4% from July, with a 5% gain at Búzios and improvements at Itapu and Marlim, and Bradesco BBI projects more than 3 million barrels a day in 2028. Money Times and Seu Dinheiro calculate a record market value of R$ 692.35 billion, R$ 22 billion above the previous day; the Ibovespa closed up 0.54% at 186,502 points.
The CNT/MDA poll released on September 15 shows Lula with 47.3% against 40.0% for Flávio Bolsonaro in the runoff, with 10.2% blank and null and 2.5% undecided, a 7.3 point lead outside the 2.2 point margin; in the August round the score was 48.0% to 39.1%. Lula also beats Cury (45.3% to 38.4%), Caiado (46.4% to 37.3%), Zema (47.7% to 34.5%) and Renan Santos (47.3% to 33.9%); in the prompted first round he has 40.5% against 30.4% for Flávio, per Gazeta do Povo. There were 2,002 in-person interviews between September 9 and 13, TSE registration BR-06902/2026.
The S&P/B3 Ibovespa VIX, which measures expected implied volatility for the next 30 days from Ibovespa options, closed September 14 at 30.15 points, up 5.24% on the day and 17.87% in September, the highest level since the index launch on March 19, 2024, above the previous record of 29.6 points on March 27, 2026; B3 and Exame attribute the jump to the STF crisis between Moraes and Mendonça, the hearing scheduled for September 15, US-Iran tensions and the wait for the Fed and Copom decisions.
The Nexus poll commissioned by BTG Pactual and released on September 14 shows Lula with 42% and Flávio Bolsonaro with 37% in the prompted first round, followed by Augusto Cury (6%), Ronaldo Caiado (5%) and Renan Santos (2%); in the runoff, Lula has 47% against 46% for the senator, a technical tie, and beats Caiado 47% to 41%, Zema 49% to 38% or 39% and Cury 45% to 42%. Lula rose 3 points in the first round and 2 in the runoff versus the September 8 round; rejection is 48% for Lula and 50% for Flávio and government approval went from 45% to 47%. There were 2,003 phone interviews between September 11 and 13, a 2 point margin, TSE registration BR-04076/2026.
A Datafolha poll released on September 11 shows Lula at 39% and Flávio Bolsonaro at 35% of first-round voting intentions (43% to 38% of valid votes), a 4-point gap against 5 in the September 3 round, and a technical tie in the runoff at 46% to 44%; the poll surveyed 2,002 voters between September 8 and 10, with a 2-point margin, and in São Paulo shows Tarcísio de Freitas at 49% against 29% for Fernando Haddad.
B3 announced on September 11 that from Monday, September 14, it will publish the Ibovespa B3 Index in US Dollars, converting the Ibovespa at the WM/Reuters WMR rate fixed at 4pm London (noon Brasília), in two versions, closing and settlement, published on the Indices on Demand channel at the end of each session; the aim is to let foreign investors track the index in US currency.
B3 announced on September 9 that BDRs of Brazilian companies listed abroad, such as Nubank, XP and Mercado Livre, may join the Ibovespa from the first half of 2027, with a 10% cap on the theoretical portfolio and the traditional liquidity, tradability and representativeness criteria; the transition schedule will come in a circular.
US forces hit Iranian tankers loaded with crude, ten per CENTCOM as cited by InfoMoney and five destroyed per Bloomberg Línea and Money Times, and fresh attacks on ships were recorded near Hormuz, at least three per UKMTO and ten per Iran; Brent topped US$ 101 for the first time since July, in a fourth straight day of gains, and the Ibovespa fell 0.93% on risk aversion. September 10 update: November Brent rose 6.34% to US$ 107.63, the highest since May, as the Houthis seized the port of Mocha; Wall Street fell and the 10-year Treasury hit 4.954%, the highest since 2023.
Tenda said on September 8 that Marcos Cruz took over as chief executive from Rodrigo Osmo, at the end of a three-month transition begun in May; Osmo stays in charge of Alea, the wood-frame housing subsidiary, through the first half of 2027 and then joins the board. The same day the Ibovespa portfolio that adds TEND3 and drops RECV3 and SLCE3 took effect.
Bank of America upgraded Brazilian equities from neutral to overweight on September 8, betting on a deeper Selic cutting cycle to 11.25% by end-2027; the same day the Ibovespa closed at 187,366 points, its highest since May 4, the dollar fell to R$ 5.089 and foreigners posted R$ 3.9 billion of inflows in September's first three sessions.
Retail investors' holdings reached R$ 9.14 trillion in the first half of 2026, up 6.4% in the year, with fixed income accounting for 65% of the growth, per Anbima data reported by InfoMoney and Seu Dinheiro. Government bonds rose 32.9% to R$ 349.8 billion, LCIs 13.7% and CDBs 8.5%; equity funds fell 0.1%.
The board of Axia Energia, formerly Eletrobras, approved on September 3 the redemption of 111,591,072 class C preferred shares at R$ 55.56 each, R$ 6.2 billion in total, per InfoMoney and Money Times. The PNC shares were created in 2025 to distribute profit reserves through a stock bonus, and holders may opt to convert into common shares one for one.
Foreign investors pulled R$ 18.12 billion from B3's secondary market in August, the largest monthly outflow since January 2022, per an Elos Ayta survey of B3 data published by Exame and Poder360. The year's balance halved to R$ 18.29 billion after inflows of R$ 56.55 billion from January to April and outflows of R$ 38.26 billion from May to August.
Alexandre Birman and Roberto Jatahy struck a deal to split Azzas 2154 into two independent listed companies, Arezzo&Co and Soma, about two years after the merger, per CNN Brasil, NeoFeed, Bloomberg Línea, Exame and Brazil Journal. The Birman bloc keeps 32.13% of Arezzo&Co and the Jatahy bloc 25.95% of Soma; Farm goes into a company split between the two. Shares rose more than 11% on the morning of September 2, per CNN Brasil.
Magazine Luiza struck a partnership with Mercado Livre to sell own-inventory items on the rival's platform from September, per Brazil Journal, InfoMoney, NeoFeed and Poder360. Poder360 and InfoMoney cite about 27,000 items; Brazil Journal says 28,000. MGLU3 shares surged in the session, per InfoMoney.
T4F Entretenimento completed its delisting after founder Fernando Alterio's tender offer, which paid R$ 6.02 per share and lifted his stake to 79.1% of capital, per InfoMoney and Exame. CVM cancelled its public-company registration and the company leaves Novo Mercado down about 96% since its 2011 IPO.
The Carf tax court cancelled two 2015-2016 assessments against B3 totaling about R$ 2.2 billion, which questioned the treatment of FX variation on the sale of CME Group shares, per InfoMoney, Money Times and CNN Brasil. B3 said the ruling should not affect its financial statements.
Magazine Luiza launched on September 2 Magalu Delivery, a meal, grocery and pharmacy delivery service inside its main app, run by aiqfome, acquired in 2020, covering more than 400 cities and about 23,000 restaurants, per InfoMoney and Exame. The move puts the retailer in the fight with iFood, 99Food, Keeta and Rappi, the same day it announced the Mercado Livre partnership.
Natura&Co announced on September 1 that Alessandro Carlucci takes over as CEO on October 1, replacing João Paulo Ferreira, who steps down after ten years, and that Fabio Barbosa becomes board chair, per Brazil Journal and Correio Braziliense. Carlucci was Natura's CEO from 2005 to 2014.
Banco Santander said the exchange offers for Santander Brasil's outstanding shares, in Brazil and the US, should be completed in the first half of 2027, with filings expected in the coming weeks and dependence on regulatory approvals and the parent's shareholders approving a capital increase, per Seu Dinheiro and InfoMoney.
The Ibovespa closed the August 28 session higher for the eighth straight time and ended the week up about 2.7%, per Exame and Bloomberg Línea. The dollar rose 0.66% to R$ 5.196, per Poder360. The streak mirrors — and extends — the recovery begun after the eleven-session losing run that ended August 19.
The Ibovespa closed August 25 up 1.55% at 174,576 points, its highest level since August's stress began, with the dollar down at R$5.1404. The recovery since the eleven-session losing streak ended spans gains in nearly every session since August 19.
Banco do Brasil's adjusted net income rose 3.3% year over year and 13.9% sequentially. The expanded loan portfolio reached R$1.31 trillion, although the outlook still depends on asset quality and credit costs.
Oil settled above $85 as markets assessed the conditions for reopening the Strait of Hormuz. In Brazil, the dollar and Ibovespa ended the session in opposite directions amid greater global caution.