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Petrobras Surprises Rattled Investors With Record Profit

  • Shares jump most since February on earnings, dividend boost
  • Scotiabank and Credit Suisse upgraded shares to outperform
Updated on

Brazil’s state-controlled oil company saw its earnings surge to a record for the second quarter, providing relief to investors who were rattled by a messy management change earlier this year.

Petrobras slashed its debt load and announced early distribution of dividends thanks to the robust results, triggering the biggest jump in shares since February. Credit Suisse Group AG and Scotiabank both upgraded to outperform. Shares were up 9.4% at 11:44 a.m. in Sao Paulo.