Brazil markets down on iron ore, oil, Movida, RD Saúde, Petrobras

International markets showed mixed movements on Wednesday morning. Brent crude oil futures fell 2.74%, trading at $108.2 per barrel. Gold futures for February 2026 delivery dropped 1.37% to $4,494 per troy ounce.

In China, iron ore futures on the Dalian exchange closed 0.19% higher at 800 yuan ($117.3) per ton during daytime trading. The price movement may affect shares of Brazilian mining companies Vale and CSN Mineração.

On Wall Street, Dow Jones futures rose 0.20% at 7:54 a.m. The S&P 500 futures gained 0.37%, while Nasdaq futures climbed 0.71%.

Genial Investimentos started coverage of shopping mall operator Iguatemi with a “buy” recommendation and listed it as a top pick in the sector. The firm set a target price of 36 reais per share. Analysts said the investment thesis is based on the view that the company trades at a discount relative to the quality of its assets and its ability to generate value for retailers, which they believe is not fully reflected in the valuation. The team added that Iguatemi’s premium portfolio supports real rental gains above inflation, driven by high retailer productivity.

Retailer Azzas confirmed it hired Banco Itaú BBA to provide financial advisory services related to the evaluation of various strategic opportunities. The opportunities may involve the company, its subsidiaries, or its assets. The disclosure was made in a statement to Brazil’s securities regulator, the CVM, after newspaper O Globo reported on May 15 that Azzas had hired Itaú to advise on talks about a potential split between its shareholders.

The company said the scope of the engagement is preliminary and exploratory, aimed at supporting economic and financial analysis of opportunities and possible structures for any alternatives identified. It provided no further details. Azzas stated that no decision has been made regarding the implementation of any transaction, nor about its potential terms, structure, or feasibility. According to O Globo, Azzas hired Itaú BBA to advise on talks about a possible split between its main shareholders, Roberto Jatahy and Alexandre Birman, who have initiated a legal dispute. The newspaper reported that the hiring was made by Azzas’ Chief Financial Officer Eric Alencar, amid a perception from both shareholder groups that the partnership between former Arezzo and Grupo Soma executives had become nearly unworkable due to the legal battle.

Healthcare company RD Saúde will pay interest on equity on May 29. The payment was approved by the board of directors on September 30, 2025. The total gross amount is 140.7 million reais, equivalent to 0.082136419 reais per share. The record date was October 3, 2025.

Car rental company Movida’s board of directors approved a new share buyback program, according to a material fact filed Tuesday evening. Movida may buy back up to 27,855,793 common shares, representing approximately 15% of its total shares outstanding. The company said the program aims to maximize shareholder value without reducing capital. The acquired shares will be held in treasury, canceled, sold, or used to meet obligations under share-based compensation plans.

Banco do Brasil is expected to announce an early payment of a dividend related to the second quarter of 2026 on Wednesday, according to a schedule released on January 19. On May 13, the bank announced the distribution of 465.7 million reais in interest on equity for the first quarter of 2026, equal to 0.08 reais per share. That payment is scheduled for June 11, 2026, with a record date of June 1, 2026, and shares trading ex-rights from June 2, 2026.

Energy company Equatorial announced Tuesday that Fernanda Sacchi resigned as director, effective May 19, 2026. Sacchi led the human resources and management team over the past year and was responsible for important projects, the company said. The board elected Michele Teixeira to replace her. Teixeira holds a degree in Business Administration and has 23 years of experience in human resources and management, including 21 years at Equatorial. During her time at the company, she led strategic processes in selection, development, compensation, labor relations, quality management, and organizational design.

Petrobras pays the first installment of interest on equity on Wednesday, totaling 0.32960457 reais per share. The payment was announced on March 5, with a record date of April 22, 2026. The second installment will be paid on June 22, 2026.

Aircraft manufacturer Embraer pays interest on equity on Wednesday: 0.19 reais per share, approved on April 29, 2025, with a record date of December 15, 2025; 0.09 reais per share, approved on August 7, 2025, with a record date of December 15, 2025; and 0.20 reais per share, approved on November 6, 2025, with a record date of December 15, 2025. Embraer also pays a dividend of 0.01 reais per share, approved on April 29, 2026, with a record date of May 11, 2026.

Paper and packaging company Klabin pays the second installment of a dividend announced in December 2025 on Wednesday. Shareholders on record as of December 15, 2025 are entitled to receive the payment. Shares and units have traded ex-dividend since December 16, 2025.

Paper and packaging company Irani pays a dividend on Wednesday, approved on May 4, totaling 5,170,387 reais, or 0.02 reais per common share. Shareholders on record as of May 7, 2026 are entitled. Shares have traded ex-dividend since May 8, 2026.