4 stocks experience a growth of over 30% while 13 stocks witness a decline of more than 20%: Key movements in the Ibovespa during the first half of the year.

Summary

• Ibovespa ended the first half of 2026 up by 6.76%, but dropped by 8.24% in the second quarter.
• Usiminas saw the biggest increase of the year, reaching a peak gain of 60% with a total increase of 41.30%.
• CSN experienced the largest decrease among the index stocks, with a 46.90% loss in the semester.
• Copasa’s stock surged by 39.47% following the privatization process that concluded on 11 June with Equatorial’s participation.
• 13 activities experienced a decrease of over 20% during the period, such as Magazine Luiza and MRV.

The Ibovespa closed the first half of 2026 with a 6.76% increase, but experienced significant volatility. Four stocks surged by over 30%, while thirteen dropped by more than 20%. In the second quarter, the index decreased by 8.24%, but managed to rebound by 1.01% in June, impacted by foreign investors pulling out of Brazilian stocks.

11 shares saw gains exceeding 20% during the year. Usiminas was the top performer, reaching a high of 41.30%, peaking at 60% during the semester. Positive bank recommendations were received by the steel industry, with Goldman Sachs upgrading its buy recommendation at the end of the month. Itaú BBA raised the target price from R$9 to R$11 and maintained the buy suggestion, while Bradesco BBI remained neutral.

Steel imports fell by 42% in April, which benefitted the company by reducing external competition and improving its position in the domestic market.

Copasa takes aim after being privatized

Copasa saw a 39.47% increase in the first half of the year due to the privatization completed in June. Equatorial purchased a 30% stake in the company after the bookbuilding process set the price at R $ 49.03.

Bradesco BBI upgraded its neutral recommendation to a buy at the end of the month, setting a target price of R $ 73. The bank anticipates a possible 60% reduction in costs in certain areas, 3.5% annual growth in sales volumes, and a 13% compound annual growth rate in earnings per share from 2026 to 2033.

Auction and oil benefit the electricity industry.

Eneva and Copel stood out positively, with Eneva securing power capacity at a March auction. However, the TCU’s technical area contested the auction in late May with no further progress since then.

Copel performed well at the capacity reserve auction. The company is waiting for the distributor’s tariff review, which has not happened yet.

The oil industry saw positive effects from the June agreement between the US and Iran, resulting in Brent oil prices surpassing $120 per barrel during the first half of the year. JPMorgan expressed optimism about Petrobras, with PRIO, PetroReconcavo, and Brava Energia also performing well during this period.

CSN is at the forefront of the decline, experiencing a decrease of 46.90%.

CSN experienced the largest decline in Ibovespa during the semester, with a loss of 46.90%. They recently disclosed a 3.4x net/Ebitda debt ratio for the first quarter of 2026. The company is focusing on divesting infrastructure assets and aims to sell CSN Cimentos in the third quarter, which could decrease debt to around 2 times and save up to R$800 million annually in interest expenses.

7 analysts suggest holding the stock, while 3 recommend selling it.

Civil construction under pressure.

Magazine Luiza’s stock price dropped following a net loss in the first quarter, mainly due to decreased e-commerce sales. Citi changed its sales recommendation to neutral, but the company’s performance remained poor compared to others in the index.

MRV was also one of the companies experiencing significant declines. UBS-BB reduced its recommendation to neutral, pointing to the tough industry conditions. Despite government initiatives using FGTS funds for debt repayment, it was insufficient to boost optimism in the construction sector.

Refrigerators and education are included in the list of items that are completely lost.

Minerva encountered challenges during the semester due to uncertainties surrounding potential capital closure plans, which have not been confirmed yet. The company is focused on incorporating Marfrig’s acquired assets in South America. Despite China’s ambassador expressing interest in increasing demand for Brazilian beef on 19 June, this did not offset the previous financial losses.

Cogna provided an overview of the initial quarter, showing a decrease in overall student enrollment in the first half of 2026, highlighting the significance of the Kroton controller. BTG Pactual continues to analyze the education industry, but the decline in student enrollment affected the company’s stocks.

View the top 10 performers of Ibovespa in the first half of the year.

Ticker	Price (R$)	Change in Semester (%)
USIM5	8.44	41.30%
CSMG3	59,93	39.47%
ENEV3	26,72	33.47%
PETR3	41,78	32.30%
CPLE	15.02	27.94%
PETR4	37,79	26,21%
PRINCE 3	52,15	24.88%
UGPA3	26,06	24.27%
CXSE3	19,71	24.04%
ASAI	8,74	21,39%

Discover the top 10 Ibovespa stocks that experienced the biggest declines in the first half of the year.

Ticker	Price (R$)	Change in the semester (%)
CSNA3	4,62	-46.90%
MGLU3	4,68	-46.51%
MRVE3	5,28	-31.61%
BEEF.	3,71	-30,39%
COGN3	2,25	-29.91%
HAPV3	10,21	-29.88%
AZZA3	17,88	-29,58%
CSAN3	3.7	-29,52%
TOTS3	28.7	-29,31%
VIVA3	22,88	-29,08%

• Actions
• Economic situation
• Market
• Bradesco BBI
• Brava Energy
• BTC
• Citi
• Cognitive process
• Cup
• Copel
• CSN
• Eneva
• Equatorial Guinea
• FGTS stands for Fundo de Garantia do Tempo de Serviço.
• Goldman Sachs
• Ibovespa index
• Itaú BBA
• JPMorgan
• Kroton
• Magazine Luiza
• Magazine-Luiza
• Marfrig
• Minerva
• MRV
• Petrobras
• Petroreconcavo
• Pride
• TCU
• UBS-BB
• Usiminas