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Actionable news in PBR: PETROLEO BRASILEIRO S.A.-PETROBRAS ADS (REP 1 COMMON SHARE),

Petrobras Jumps 5%, Brazil ETF Rises: Lula Convicted!

Shares of Brazil's state-controlled oil producer and refiner Petróleo Brasileiro or Petrobras (PBR) were up more than 5% in Wednesday trading.

One reason is the price of oil, though the international Brent price of crude is up 0.8% today to $47.88 per barrel, so that's not the total explanation.

Another big reason until early afternoon was this: Brazil's securities industry watchdog reversed a preliminary decision ordering Petrobras to restate financial results -- for part of 2013, and the years 2014 through 2016 -- to include the impact of currency hedges, Reuters reports.

Former Brazilian President Luiz Inacio Lula da Silva at the impeachment trial of his mentee, former Brazilian President Dilma Rousseff.

But the big...


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