Petrobras spikes to save Ibovespa: historic R$ 819,9bn market cap lifts Brazil index as Wall Street melts

Petrobras jumped over 3% today, pushing its market cap to a record US$ 819.9 billion and propping up the Ibovespa as Wall Street markets melted.

The rally was driven by anticipation of higher dividends and steady oil prices, providing a counterweight to US pessimism and highlighting how the energy sector can buoy Brazil’s index even amid global turmoil.