©Reuters. The Sao Paulo Stock Exchange rebounds 1.77% despite the fall of Petrobras
Sao Paulo, March 17 (.).- The Sao Paulo Stock Exchange followed the trend of international markets this Thursday and advanced 1.77% despite the fall of the oil company Petrobras (NYSE:), amid pressure of the Government to curb the rise in fuel prices.
The , the market’s benchmark index, closed with 113,076 points to end a streak of four consecutive sessions in the red.
In the foreign exchange market, the dollar depreciated 1.15% and ended up trading at 5.033 reais for buying and selling at the Brazilian commercial exchange rate, according to preliminary results.
The parquet, strongly linked to the raw materials sector, received positively the new rise in the international price of and the , and rebounded strongly on the day.
Crude has been rising since the outbreak of the war in Ukraine, as it is feared that a protracted conflict will affect global supplies, while iron ore rebounded today after measures announced by China to boost construction.
In this context, the papers of the oil company PetroRio (8.2%) and the Compañía Siderúrgica Nacional (7.9%) were at the forefront of the gains on the Ibovespa.
The steel company Gerdau (4.9%) and the mining giant Vale (3.5%), one of the flagships of the São Paulo market, also rose significantly.
The other great value of the Brazilian market is the state oil company Petrobras, whose preferred and ordinary shares fell by 2.6% each.
The president of Brazil, Jair Bolsonaro, has in recent days redoubled his attacks on the oil company due to the sustained increases in fuel prices, which in the country vary depending on the fluctuations of the international market.
According to the newspaper ‘O Globo’, the government is looking for a way to change General Joaquim Silva e Luna as president of Petrobras, a company controlled by the State, but with shares traded on the New York, Sao Paulo and Madrid stock exchanges.
All in all, the Sao Paulo stock exchange added 1,963 units to its accumulated score, in a session with a traded volume of about 36,000 million reais (7,150 million dollars), in a total of 4,350,410 financial operations.
The most traded titles were Petrobras’ preferred securities and Vale’s ordinary securities.
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