Petrobras shares close up 10% on strong Q2 earnings

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Sao Paulo

Shares in Brazilian state-run oil giant Petrobras surged on the Sao Paulo stock exchange before closing up 9.63 percent after the company posted better-than-expected second-quarter profits, shrugging off last year’s pandemic hit.

Petrobras reported a net profit of 42.9 billion reais ($8.1 billion, by the firm’s figures) Wednesday for the period from April to June, beat-ing analysts’ expectations and reversing a loss of 2.7 billion reais ($417 million) for the same period in 2020.

Ordinary shares in the company jumped on the news to a peak of 11.8 percent before noon, before falling back to trade up by around 10 percent at closing. Preferential shares were up nearly eight percent.—AFP

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