29.06.202613:43:25UTC+00Ibovespa Near Flat as Middle East Stays in Focus

The Ibovespa was little changed around the 173,300 level on Monday, as geopolitical tensions in the Middle East continued to dominate headlines. The United States and Iran agreed to suspend recent hostilities and resume diplomatic negotiations after exchanging attacks over the weekend, with both sides set to meet in Doha on Tuesday.

Oil prices inched higher but remained close to pre-conflict levels, tempering fears of a renewed wave of energy-driven inflation. Financial stocks led the gains, with Itaú Unibanco slightly higher and Bradesco advancing more than 0.5%. Petrobras rose nearly 0.5% amid the modest recovery in oil prices, while Vale edged up despite weaker iron ore quotations.

Among other notable movers, Ambev added around 0.5%, and Ultrapar jumped 3%. Ultrapar outperformed after terminating its acquisition process for Rumo, a decision seen positively by investors as it avoids a transaction that could have increased leverage and put pressure on dividend distributions. On the downside, WEG retreated nearly 1%.