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Financial News: BRAZIL: Oil Prices Spike, Boost Petrobras And Move

BRAZIL: Oil Prices Spike, Boost Petrobras And Move Stock Markets Higher

05/09/2018 - 21:32:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 1.57% to 84,265.49 points Wednesday as oil prices increased 3% and reached the highest level in more than three years, giving a significative boost to Petrobras' shares [PETR3 +11,27%

Together, the ordinary and preferred shares of the Brazilian state-owned oil company moved R$ 3.6 billion, 25.8% of the total trading volume of the index.

"Today the market was from Petrobras," said Codepe's chief economist, Jose Costa. He added that high oil prices coupled with a strong dollar are good news for shareholders of the company.

The chief economist of Homebroker ModalMais, Alvaro Bandeira, added that after five straight days of decline and a mild trading session yesterday, the Brazilian stock market reached a level that became attractive to buyers.

Suzano's shares rose 7.18% and recorded the third largest increase among Ibovespa's constituents, boosted by a weaker real. Gerdau stocks also ended higher. Gol shares fell 9.25%.

"High dollar and fuel prices, it's practically their entire cost, which is airplane rental and kerosene," said Costa. TIM shares had the second largest drop in the index, of 6.18%, with the news that the company will have to pay royalties to its parent company in Italy. Ambev's shares which had the fourth highest volume of the index, but fell 2.36%, in a negative reaction to the firm's first-quarter results.

The locally traded US dollar rose 0.72%, to R$ 3.5940, after the Brazilian central bank governor, Ilan Goldfajn, hinted at an additional interest rate cut next week and no further foreign exchange market intervention for now.

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