Fears around rising inflation and possible changes in Petrobras’ pricing policy affected the financial market this Monday (7th). The stock market had the biggest daily drop of the year. The dollar, which approached R$5 during the morning, closed with stability, influenced by the turmoil in the global market.
The B3 Ibovespa index closed at 111,593 points, down 2.52%. That was the biggest daily drop since November 26 of last year. The negative performance was driven by shares of airlines and Petrobras, whose shares are the most traded on the stock exchange. On a day when the international price of a barrel of oil (Brent type) closed at US$ 139 and reached the highest value since 2008.
The moves for Petrobras to change its pricing policy made the state company’s shares fall. Preferred shares (with preference in the distribution of dividends) plummeted 7.1%. Common shares (with voting rights at shareholders’ meetings) fell 7.65%. Due to the restriction of oil supply caused by the war between Russia and Ukraine, President Jair Bolsonaro expressed himself in favor of changing fuel prices, which would have prices below the market, reducing the company’s profit.
The foreign exchange market did not feel the same turmoil. The commercial dollar closed the day sold at R$ 5.08, with a slight increase of 0.03%. The price even dropped to R$ 5.03 at the lowest of the day, around 10:40 am, it operated close to stability during the afternoon, until it closed on a small high.
In the case of the dollar, the appreciation of the price of raw materials and commodities (primary goods with international quotation) has held the currency high. This is because the inflow of foreign exchange into the country has increased with the rise in demand for agricultural and mineral products.
* With information from Reuters
