NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are increasing 0.8% to $6.91 late Friday morning as the Ibovespa is increasing for the first time in six days, paring a weekly decline, Bloomberg reports. Banco Bradesco is an Osasco, Brazil-based bank.
The Ibovespa is rising 0.55% to 50,407.44 late this morning as Petrobas (PBR, PBR.A) selected a new CEO to lead the beleaguered state-controlled oil company.
Pedro Parente, the former president of agribusiness company Bunge's (BG) Brazil segment, was appointed as the chief executive amid a scandal that has involved some of the country's prominent business leaders and politicians, Bloomberg said.
"An improvement in the performance of Petrobras is positive for the Brazilian economy as a whole, because its operations affect many other companies and sectors," Raphael Figueredo, an analyst at Clear Corretora in Sao Paulo, told Bloomberg.
"The other positive message is that a more professional management is replacing one that was determined by political reasons," he added.