Petrobras CEO calls post-election share drop speculative, says time to buy

Petrobras CEO Magda Chambriard called Monday's sharp drop in the state-owned oil company's shares after President Luiz Inácio Lula da Silva's reelection a "speculative movement" that doesn't reflect the firm's fundamentals, saying "the time is to buy" shares. Chambriard told Reuters that Petrobras remains solid with a strong investment portfolio and won't be swayed by short-term market moves. Shares fell about 10% on B3 after Lula defeated Senator Flávio Bolsonaro in Sunday's runoff, defying polls. The market decline triggered B3's circuit breaker for the first time since March 2020, during the pandemic, as the Ibovespa index plunged 15% following Lula's victory, which secures him a fourth non-consecutive term.