The Sao Paulo stock market soars 3.66% driven by Petrobras

Sao Paulo, Dec 2 (EFE) .- The Sao Paulo stock market shot up 3.66% this Thursday and its Ibovespa index, the benchmark for the stock market, rose to 104,466 points at the close of the session, driven by Petrobras and unrelated to the result of the economic activity of the third quarter, disclosed today.

After reaching its lowest level in the year the day before, closing at 100,774 points, the Ibovespa recovered part of the losses, despite the disclosure of the Gross Domestic Product (GDP) data, which indicate that the Brazilian economy fell by 0, 1% in the third quarter versus the second.

The largest economy in South America thus entered the so-called “technical recession” after two consecutive quarters of retraction, since between April and June it had fallen by 0.4%.

Investors also seemed to ignore the approval of a bill that proposes to postpone the payment of judicial debts of the State and to allocate that money to a new program of social subsidies promoted by the Government of Jair Bolsonaro, which had raised doubts about the fiscal health of the country.

Thus, the São Paulo square added 3,691 units to its main indicator and took a breather in the midst of the turbulence registered in recent days.

The state oil company Petrobras, which led the most traded assets, closed the trading session with a sharp rise of 7.31% in its preferred shares and 8.63% in ordinary shares, impacting the decision of OPEC + to increase its pumping daily in January.

Petrobras also figured among the highest earnings of the day, although behind the preferred securities of the petrochemical company Braskem, which climbed an expressive 9.51%, and the ordinary ones of the National Steel Company (+ 9.17%).

On the other side, the common shares of the retail network B2W Digital were the ones that devalued the most, falling by 3.0%; followed by the preferential ones of the also retail chain Lojas Americanas (-2.55%) and the ordinary ones of the fashion group Soma (-2.09%).

The business volume on the Sao Paulo stock exchange reached 35,805 million reais (about 6,328 million dollars) this Thursday, the product of 5,038,162 financial operations.

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