FX.co ★ Brazilian Stocks Advance on Strong Corporate Results

The Ibovespa advanced about 1% on Wednesday, trading near 188,000 points as investors digested a heavy earnings calendar. Suzano climbed more than 6% after delivering fourth-quarter results that beat market expectations. TIM Brasil jumped 7.5% after its fourth-quarter net profit rose 27.9% year-on-year to nearly R$1.35 billion. The company also agreed to acquire the remaining 51% stake in I-Systems from IHS Brasil for R$950 million, becoming its sole shareholder. Klabin added more than 2% after reporting fourth-quarter net profit of R$168 million. After the market close, Banco do Brasil, Assaí and TOTVS are scheduled to release their results. In the commodities space, Petrobras gained over 1% as oil prices rose amid persistent US-Iran tensions, while Vale advanced nearly 2% on the back of higher iron ore prices.