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Petrobras Weakness Weighs On IBovespa Following NatGas Price Cut

BRAZIL
  • Earlier in the session, Petrobras announced they will reduce prices for the natural gas it sells to distributors by an average 7.1% starting August 1, a move it said comes in line with global oil prices and foreign exchange rates. Additionally, a decision on Petrobras’ stake at Braskem is far from being solved, CFO Sergio Caetano Leite told journalists on Wednesday.
  • The moves have weighed on the company’s stock price, contributing to a 0.75% decline in the Ibovespa on Wednesday.

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