©Reuters. The Sao Paulo stock market rises 0.21% despite the fall of Petrobras
Sao Paulo, May 24 (EFE) .- The Sao Paulo stock market advanced 0.21% this Tuesday, despite the 3% drop in the shares of the oil company Petrobras (NYSE:), after the Brazilian Government announce a new president for the state company, the second in just over a month.
The , the benchmark index for the parquet, closed with 110,580 points, in a session in which it fell 1.3%, amid international caution about the possibility that inflationary pressures will last longer than expected and the advance of covid-19 in China.
The São Paulo square reduced its losses with the passing of the hours and in the end it ended up positive.
In the foreign exchange market, the US dollar appreciated slightly 0.16% and closed at 4.811 reais for purchase and 4.812 for sale, at the Brazilian commercial exchange rate.
Financial operators received with concern the new change in the Presidency of Petrobras, controlled by the Brazilian State, but with papers traded on the Sao Paulo, New York and Madrid stock exchanges, amid discussions on fuel price policy .
It is the third time that the Government of Jair Bolsonaro, who this year will seek re-election and has criticized the successive rises in hydrocarbons, proposes to replace the president of the oil company since he took power in January 2019, and the second in 40 days.
This time, Caio Mario Paes, current Secretary of Debureaucratization of the Ministry of Economy, was nominated for the position.
In this sense, Petrobras’ ordinary and preferred titles yielded 2.8% and 3.0%, respectively.
All in all, Sao’s bag added 234 points to his accumulated score.
The traded volume was around 30,000 million reais (about 6,240 million dollars), in a total of 3,865,567 financial operations, according to the preliminary results at the end of the session.
In addition to Petrobras, the travel agency CVC Brasil (-6.3%), the airline Azul (-5.8%) and the aircraft manufacturer Embraer (SA:) (-5.6%) also fell sharply.
On the contrary, among the biggest increases were the oil companies PetroRio (3.9%) and 3R Pretoleum (3.4%).
The most traded shares were the preferred shares of Petrobras (-3.0%) and the ordinary shares of the mining company Vale (1.3%).