SAO PAULO–Brazilian shares closed higher Wednesday, led by electric companies, and the real strengthened against the dollar.

The benchmark Ibovespa stocks index rose 1.8% to 54052 points. The real exited active trading at 2.2074 Brazilian reais to the dollar, according to Tullett Prebon via FactSet, after closing at 2.2152 on Tuesday.

Sao Paulo electric company CESP was one of the biggest gainers in the Ibovespa, advancing 4.5% to 29.05 Brazilian reais, and Cemig, an electric utility based in Minas Gerais state, rose 2.9% to 16.93 Brazilian reais.

Other Brazilian blue-chips closed mostly higher.

State-controlled oil company Petrobras rose 1.8% to 18.29 Brazilian reais and iron miner Vale gained 2.4% to 28.25 Brazilian reais.