Petrobras shares closed on Thursday at an increase of almost 10%, driven by the release, the day before, of better-than-expected results in the second quarter.
The common share was traded at 11.8% before noon, ending the day up 9.63%. The surge was not enough to contain the fall of the Ibovespa, which retreated 0.14%, mainly due to the steel sector.
Petrobras reported this Wednesday a net profit of 42.8 billion reais in the second quarter, reversing the result in the red of 2.71 billion in the same period of 2020. The number largely surpassed the most optimistic projections, which reached 33 .6 billion, according to a consultation by the newspaper “Valor” to five financial institutions.
For Petrobras, it was the third consecutive quarter of profit, after the falls caused by the slowdown in the world economy during the first wave of the pandemic. “The reduction in the company’s indebtedness, a very strong cash generation, a very expressive Ebitda and the dividend that the company announced that it will distribute” encouraged investors, explained Alex Agostini, from Austin Rating consultancy.
Thursday’s rise was the biggest since the collapse of about 20% of Petrobras’ shares on February 22, when President Jair Bolsonaro replaced economist Roberto Castello Branco with General Joaquim Silva e Luna as company president.
The rise in Petrobras shares contrasted with losses in the steel and other sectors, which analysts attributed to the impact of the Selic increase to 5.25% in order to contain inflation. Vale’s shares fell 3.05% and CSN’s, 3.96%. The Bradespar holding, the investment division of Bradesco bank, had the biggest drop, 5.11%.
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