Petrobras share price plunges 20%

SHARES in Brazil’s state-run oil company, Petrobras, plummeted yesterday after President Jair Bolsonaro changed the firm’s chief executive, fuelling fears he will intervene in energy prices and the economy in general as he eyes re-election.

The company’s ordinary shares dived 20.5% and preferential shares 21.5% on the Sao Paulo stock exchange, which closed down 4.9% overall.