Cogna’s 240% Surge and Raízen’s Collapse: The Two Stories Behind the Stock Rally in Brazil

Key Points The Ibovespa rose 33.95% in 2025 to 161,125.37 points, its best annual performance in nine years. A weaker dollar and lower future-rate pricing favored domestically focused cyclicals over many commodity exporters. Cogna’s 239.78% surge captured the turn: a comeback driven by cash generation and deleveraging. Brazil’s stock market ended 2025 with a blunt […]