After trading on the Brazilian Stock Exchange was halted for 30 minutes, during the activation of the panic mechanism circuit break, Petrobras shares fell sharply again this Monday, the 9th. ON shares fell 22.69% and PN shares fell 24%, at 12:27 pm, while the Ibovespa lost 8.92%, to 89,259.77 points.
Even discounting the downtime of just over half an hour, the shares were traded for around 45 minutes and, in that time, the oil company has already lost R$67 billion.
Brent crude oil
Brent crude continues to fall, although less intensely than observed earlier. It is down 18%, after Saudi Arabia decided to increase production of the commodity and reduce prices. The move is interpreted as retaliation for the lack of agreement between members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut production.
According to a financial market analyst, Saudi Arabia's decision could jeopardize Petrobras' new projects, as well as its investment plan. Another expert points out that if the drop in oil prices on the international market continues, Petrobras' cash flow will be affected.
Refrigerators and airlines have losses
Meatpacking stocks also stand out among the biggest declines on the B3. Investors are beginning to digest information about logistical problems in China and rising production costs, which are reportedly challenging the meat industry.
“With the worsening of the coronavirus in China and the consequent slowdown of the Chinese economy, however, ports have become a problem of panic, and containers stuck in the country have started to be diverted to other destinations,” said XP Investimentos in a report.
The assessment is that the reduced movement of people in China will reduce consumption outside the home, negatively affecting the demand for proteins.
At around 11:40 am, JBS ON fell 11.90%, Minerva ON lost 12.21% and BRF ON was down 8.70%. Marfrig ON fell 15.99%.
Airlines also accumulated losses. Gol and Azul PN shares fell around 10% in the face of the surge in the dollar, which at 11:47 a.m. was up 2.30%, to R$ 4.7403.
At its peak, it reached R$ 4.7927. According to analysts, companies continue to be affected, since around 70% of their costs are linked to the US currency.