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Financial News: BRAZIL: Petrobras Shares Bring Ibovespa To Lowest Level

BRAZIL: Petrobras Shares Bring Ibovespa To Lowest Level Since January

05/24/2018 - 18:12:00 (RTTNews)

(RTTNews) - The 13% decline in Petrobras' shares after the company decided to cut and freeze diesel oil prices for 15 days weighed on the Ibovespa, the Brazilian benchmark stock market index, which fell 0.92% to 80,122.30 points Thursday - marking the lowest settlement level since January 16.

Investors saw Petrobras decision as evidence of state interference in the company's management since the federal government is struggling to end a four-day truck driver protest against high fuel prices.

Traders, however, said that some people took the opportunity to buy the Ibovespa dip. "The price decrease in Petrobras' shares was expected, there was fear of a pricing policy change. In the meantime, investors scanned other stocks and saw buying opportunities," said Codepe Corretora's chief economist, Jose Costa.

Eletrobras shares also ended lower (ELET3 -4.51%), affected by fears that the government will be unable to proceed with the company's privatization this year.

BRF (BRFS3 6.40%), Suzano (SUZB3 6.02%) and Braskem (BRKM5 5.57%) had the most substantial increases amid Ibovespa's constituents.

The locally traded U.S. dollar rose 0.63%, to R$ 3.6490, as worries related to Petrobras spilled over to foreign-exchange markets.

"The market is convinced that the decision was not entirely from Petrobras, there was government interference. The price decline in the company's shares affected the stock markets and spread to the currency market," said Ricardo Gomes, a director at Correparti.

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