Sao Paulo Stock Exchange breaks negative streak and rises 1.25% driven by Petrobras

Sao Paulo, May 11 (.).- The Sao Paulo stock market interrupted this Wednesday a sequence of four consecutive falls and its index rose 1.25%, to 104,396 points, in a day marked by the rise of the state oil company Petrobras (NYSE:).

Petrobras ordinary paper, Brazil’s largest company, rose 5.04%, according to preliminary data, and led the gains.

The preferred shares of the oil company, meanwhile, climbed 3.48% and were the most sought after by investors on the day, after the sharp rise in the price of the international market.

Petrobras has a price parity policy by which it reviews the international price of crude oil in the Brazilian market, which has been constantly criticized by the president of Brazil, Jair Bolsonaro.

Amid his discontent with Petrobras’ price policy, Bolsonaro announced on Wednesday the dismissal of his Minister of Mines and Energy, Bento Albuquerque, days after publicly criticizing him for allowing the state oil company Petrobras to announce a new increase in prices. of diesel.

Behind Petrobras were the ordinary titles of the oil company Petro Rio, which advanced 5.03%.

On the other side of the scale, the papers that lost the most were the ordinary health insurance administrator Qualicorp, which plummeted 12.80% after its benefit fell 35% in the first quarter of the year.

The preferred shares of the airline Gol also closed in red, leaving 1.67%, after the announced alliance with the Colombian Avianca to create an air transport conglomerate: the Abra group.

As reported, Avianca and GOL “will maintain their brands, talent, teams and culture independently, while benefiting from greater efficiencies and investments within common ownership” thanks to the creation of the conglomerate.

During the day, 29,196 million reais (about 5,680 million dollars) were traded, as a result of 3,891,693 financial transactions.

In the foreign exchange market, the dollar rose 0.26% and was trading at 5.144 reais for purchase and 5.145 reais for sale at the commercial exchange rate.