Dollar closes slightly higher after change in command of Petrobras

The day after the dismissal of Jean Paul Prates of Petrobras’ presidency, the financial market had a day of volatility. The dollar opened higher, but ended the day close to stability with positive news from the United States. The Stock Exchange ended in decline, due to the weight of the oil company’s shares in the stock market.

The commercial dollar ended this Wednesday (May 15, 2024) selling at R$5.137, an increase of just 0.12%. The price opened at R$5.17, but reduced after the announcement that inflation in the North American economy fell in April. At the low of the day, around 12:30 pm, it dropped to R$5.12.

The US currency accumulated a drop of 1.08% in May. In 2024, the currency will rise by 5.85%.

The stock market had a more tense day. The Ibovespa index, from B3, the São Paulo Stock Exchange, closed at 128,058 points, with a drop of 0.38%. Despite the positive scenario on international stock exchanges, the Brazilian stock market closed lower, driven by Petrobras shares, the most traded shares.

Petrobras’ common shares (with voting rights at shareholders’ meetings) closed at R$40.02, down 6.78%. Preferred papers (with priority in the distribution of dividends) closed at R$38.40, a drop of 6.04%.

For 20 minutes, from 12:30 pm to 12:50 pm, trading in the state-owned company’s shares was suspended, due to the disclosure of a material fact by the company with the dismissal of Prates and the financial director, Sergio Caetano Leite.

At the day’s low, Petrobras’ common shares fell 9.55%, and preferred shares fell 8.2%.

The international scenario alleviated the turmoil caused by the succession at Petrobras. Consumer inflation in the United States was 0.3% in April, decelerating from the 0.4% recorded in February and March. The data reduces pressure on the Fed (Federal Reserve, the North American Central Bank) to postpone the start of interest rate cuts in the largest economy on the planet until next year.

With information from Brazil Agency.