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Petrobras beats Microsoft in market value

Brazil's state-owned oil and gas company Petrobras has become the third “most valuable” company of the Americas, ahead of Microsoft, consulting firm Economatica said.

Based on the price of its stocks on Friday, Petrobras' market value was estimated at $287.2 billion, while Microsoft's was at $279.3 billion.

Economatica said Petrobras' preferential stocks had risen over 110% and Microsoft's dropped 3.5% in the past one year.

The performance of the Brazilian oil and gas giant was attributed mainly to the discovery of huge deep-water fields that could convert the company into one of the 10 biggest oil and gas producers in the world.

US oil giant Exxon Mobil topped Economatica's list of the American continent's biggest companies, with a market value of $489 billion, followed by General Electric at $320 billion.

Apart from Petrobras, other Latin American companies such as Brazilian miner Vale and Mexican telecom company America Movil were also on the list. (Xinhua)