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Feb. 6, 2020, 12:01 p.m. EST

Petrobras' stock jumps on heavy volume after shareholder raises $5.2 billion from share offering

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By Tomi Kilgore

The U.S.-listed shares of Petroleo Brasileiro S.A. /zigman2/quotes/200745132/composite PBR -1.14% , known as Petrobras, surged 2.6% on heavy volume in midday trading Thursday, after the Rio de Janeiro-based oil and gas company priced a large share offering by a selling shareholder at a slight discount. Trading volume was 64.8 million, enough to make the stock the most actively traded on major U.S. exchanges, and more than four times the full-day average of 15.9 million shares. The company disclosed in a regulatory filing that Banco Nacional de Desenvolvimento Econômico e Social (BNDES), sold 734.20 million common Petrobras shares, including 168.14 million shares in the form of American Depositary Shares (ADS), to raise about $5.2 billion. Petrobras's market capitalization is $96.8 billion. The ADS priced at $14.1646 a share, or 1.8% below Wednesday's closing price of $14.43. The stock has shed 7.2% over the past three months, while the iShares MSCI Brazil ETF /zigman2/quotes/208893627/composite EWZ -0.23% has gained 0.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has tacked on 8.6%.

/zigman2/quotes/200745132/composite
US : U.S.: NYSE
$ 8.69
-0.10 -1.14%
Volume: 15.85M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
2.77%
Market Cap
$56.75 billion
Rev. per Employee
$1.39M
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/zigman2/quotes/208893627/composite
US : U.S.: NYSE Arca
$ 30.75
-0.07 -0.23%
Volume: 33.08M
Aug. 13, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,373.43
-6.92 -0.20%
Volume: 1.96B
Aug. 13, 2020 5:10p
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