Stock Markets February 3, 2026

Bovespa Climbs to Record, Led by Basic Materials, Real Estate and Utilities

Brazilian benchmark ends higher as select stocks post double-digit gains and volatility eases

By Priya Menon
Bovespa Climbs to Record, Led by Basic Materials, Real Estate and Utilities

Brazil's benchmark stock index closed higher Tuesday, rising 1.44% to a new all-time high. Gains were concentrated in the Basic Materials, Real Estate and Public Utilities sectors, while market breadth was narrowly positive. Several individual names recorded notable moves and volatility measures for Bovespa options declined.

Key Points

  • Bovespa closed up 1.44% in Sao Paulo, setting a new all-time high.
  • Top sector contributors were Basic Materials, Real Estate and Public Utilities; market breadth was narrowly positive (486 rising, 461 declining, 44 unchanged).
  • Notable stock moves included Grupo Vamos (BVMF:VAMO3) up 6.88%, Raia Drogasil (BVMF:RADL3) up 5.16% to a 52-week high, and Vale (BVMF:VALE3) up 4.53% to a three-year high.

Brazilian equities closed the trading session higher on Tuesday, with the Bovespa advancing 1.44% to reach a new record high in Sao Paulo. Sector strength in Basic Materials, Real Estate and Public Utilities underpinned the market rise.

The session's top performer was Grupo Vamos SA (BVMF:VAMO3), which climbed 6.88%, adding 0.28 points to finish at 4.35. Pharmacy chain Raia Drogasil SA (BVMF:RADL3) also posted a strong gain, rising 5.16% or 1.30 points to close at 26.50. Miner Vale SA (BVMF:VALE3) advanced 4.53%, up 3.84 points to end the day at 88.66.

On the downside, education-related names led decliners. Cogna Educacao SA (BVMF:COGN3) fell 4.00%, a decline of 0.18 points to close at 4.32. YDUQS Participacoes SA (BVMF:YDUQ3) dropped 3.86%, down 0.56 points to 13.93, and software company Totvs SA (BVMF:TOTS3) slipped 2.93%, a fall of 1.32 points to 43.75.

Market breadth on the B3 exchange was slightly positive: 486 stocks rose versus 461 that fell, while 44 issues ended unchanged.

There were notable milestone moves among single stocks. Shares of Raia Drogasil rose to 52-week highs, gaining 5.16% to reach 26.50. Vale's shares moved to their highest level in three years, increasing 4.53% to 88.66.

Volatility as measured by the CBOE Brazil ETF Volatility index, which gauges implied volatility of Bovespa options, decreased 2.41% to 31.60.

Commodities markets showed mixed moves. Gold Futures for April delivery rose sharply, up 6.63% or 308.45 to $4,961.05 a troy ounce. Crude oil for March delivery increased 2.74% or 1.70 to $63.84 a barrel. By contrast, the March US coffee C contract fell 5.42% or 18.05 to trade at $315.20.

In currency markets, the USD/BRL exchange rate declined 0.28% to 5.25. EUR/BRL was effectively unchanged, moving 0.07% to 6.20. The US Dollar Index Futures slipped 0.19% to 97.31.


This session's price action highlighted concentrated sector leadership and specific stock-level strength and weakness. The rise to a new Bovespa high coincided with easing option-implied volatility and divergent moves across commodity markets, while FX indicators showed modest movement against the real.

Risks

  • Equity leadership was concentrated in a few sectors and names rather than broad-based strength, which could leave the market sensitive to reversals in Basic Materials, Real Estate and Public Utilities.
  • Declines in several education-related stocks indicate sector-specific pressure that could persist if company-level headwinds remain.
  • Commodity price swings were mixed—sharp gains in gold and declines in coffee—introducing volatility for resource-linked segments of the market.

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