Petrobras Surges On CEO Departure Report

(RTTNews) - Shares of Brazil's state-run oil company Petrobras Energia Participaciones SA (PZE) surged the most in nearly 16 years on Tuesday after a report in Brazilian newspaper Folha de S.Paulo said the country's president Dilma Rousseff has decided to replace the company's chief executive officer Maria das Graças Foster.

Rousseff and Foster held a meeting at the presidential palace in Brasilia on Tuesday afternoon. It was reportedly agreed that very senior executives of the oil company would resign at the end of the month.

Preferred shares of the company, which are its most-traded class, soared 15.5 percent in Sao Paulo to close at 10 reais. This was the biggest one-day increase since January 15, 1999.