Brazil's equity index climbed Wednesday, with telecom stocks gaining on speculation of a deal involving a key mobile-phone company.
In Brazil, the Bovespa index finished 4.8% higher, to 36,469.61.
Shares of Tim Participacoes (TSU) jumped after Il Sole 24 Ore, an Italian financial newspaper, reported that Telecom Italia (TI) is mulling the sale of its Brazilian wireless services unit.
The shares soared 18%, leading overall advancers.
Shares of rival Vivo Participacoes (VIV) rose 3.4%. Telesp (TSP) rose 3.8%, Oi (TNE) picked up 0.9% and Brasil Telecom Participacoes (BRP) reversed losses to end 7.2% higher.
Meanwhile, Dow Jones Newswires, citing sources familiar with the matter, reported that Telecom Italia won't put Tim Participacoes up for sale as it considers the company a core asset.
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