Shares of Petroleo Brasileiro Petrobras Up Sharply Follwing Multiple Catalysts

Shares of Petroleo Brasileiro Petrobras SA ADR PBR are up sharply in Monday’s trade following multiple developments.

On Sunday, Brazilian presidential centrist candidate Aceio Neves finished second in the election results and will move on to face President Rousseff in October 26 runoff election. Aceio Neves platform will benefit Petrobras as it will end price controls on gasoline.

Moreover, the company announced discovery of gas accumulation at its Espirito Santo Basin.

Lastly, analysts at UBS upgraded shares of Petrobras to a Buy rating.

Shares of PBR recently traded at $16.00 up 14.5 percent.