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Brazil's Ibovespa Climbs 1% as Poll Shows Silva to Beat Rousseff in Runoff

The Ibovespa, Brazil's benchmark equity index, is higher by 1.1% Wednesday morning and up for a third straight day after an election poll showed challenger Marina Silva would win in a runoff vote against President Dilma Rousseff. Oil producer Petroleo Brasileiro SA, which is up 2%, contributed the most to the gain amid speculation that a change in government could reduce intervention in state-controlled companies.

The Ibovespa is higher on robust volume, probably confirmation of positive sentiment. Trading volume of equities in Sao Paulo was 7.25 billion reais yesterday, according to the exchange. That compares with a daily average of 6.56 billion reais this year according to Bloomberg. Brazil's benchmark equity index has gained 33% from this year's low in March.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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