Brazil’s state-run oil company Petroleo Brasileiro SA regained its title as most valuable Brazilian company on Wednesday after its market capitalization passed brewer Ambev SA for the first time in nine months.
The preferred shares of Petrobras, as the company is known, rose 1.28 percent and common shares rose 0.55 percent in Sao Paulo on Tuesday. That boosted Petrobras’ market cap at the start of trading on Wednesday to 249.6 billion reais ($109.4 billion). Ambev closed on Tuesday with market capitalization of 243.1 billion reais ($106.5 billion).
$1 = 2.28 Brazilian reais Editing by Dan Grebler