SAO PAULO — Petroleo Brasileiro SA’s preferred shares
PETR4,
fell 4% after Brazil’s new president removed the oil company, known as Petrobras, from a list of state-controlled businesses slated for privatization.
The shares reached 23.51 reais Monday morning, the equivalent of $4.40, after declining 14% during 2022. Brazil’s benchmark Ibovespa stocks index was down 2.2% in early trading.
Luiz Inacio Lula da Silva was sworn in as Brazil’s president on Jan. 1. One of the first official acts by the left-wing politician, who was president of the country from 2003 through 2010, was to remove Petrobras and the country’s postal service from the list of state asset sales.
Source: https://www.marketwatch.com/story/petrobras-shares-fall-4-after-lula-removes-it-from-privatization-list-271672666686?siteid=yhoof2&yptr=yahoo