Friday, February 26, 2021

Brazil: Stock market: the dismissal of his boss leads Petrobras


Posted

The oil group saw its shares fall by 19% on Monday, following the dismissal of its leader Roberto Castello Blanco by President Bolsonaro.

Roberto Castello Branco, CEO of the oil group Petrobras was sacked by Brazilian President Jair Bolsonaro on February 19.

REUTERS

Shares of the oil group Petrobras plunged more than 19% on Monday when the São Paulo Stock Exchange opened, in the first session after the announcement of the dismissal of its leader by Brazilian President Jair Bolsonaro.

At 3 p.m. (Swiss time), the ordinary shares of the Brazilian public company plunged 19.39%, compared to 18.89% for the preferred shares, while the Ibovespa index fell 5.22% and the Brazilian currency, the real fell more than 2.5% against the dollar.

On Friday, Petrobras’ stock price had already fallen more than 7% following statements by President Bolsonaro, who spoke of “changes” coming at Petrobras after criticizing recent increases in fuel prices.

Interference in the country’s economy

The dismissal of Roberto Castello Branco and the appointment of a general of the reserve, Joaquim Silva e Luna, ex-Minister of Defense, to replace him, had then been announced by the Head of State on social networks, some hours after the markets close.

On Saturday, Jair Bolsonaro announced that there would be “other changes” in state-owned companies this week, citing for example the case of “electric power”. The shares of the public electricity company Eletrobras, whose privatization has been anticipated for several years, fell almost 7% on Monday at the opening.

Many analysts are worried about Brasilia’s interference in the economy, a political line diametrically opposed to the campaign promises of President Bolsonaro, who had appointed the ultra-liberal Paulo Guedes to the Ministry of the Economy.

(AFP)





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