Brazilian Stocks Explode After Bolsonaro Takes First-Round Lead
Brazilian stocks surged after Flávio Bolsonaro led President Lula da Silva in the first round, triggering a broad rally across Brazil-linked names. The runoff is set for October 25.
The biggest movers:
🚀 $XP Inc.(XP)$ +33.42%
🔥 $Picpay Holdings Netherlands B.V.(PICS)$ +26.51%
🔥 $StoneCo(STNE)$ +24.35%
🔥 $Inter & Co Inc(INTR)$ +23.40%
🔥 $Pagseguro Digital Ltd.(PAGS)$ +22.62%
📈 $Bank Bradesco SA(BBD)$ +19.71%
📈 $AGI(AGBK)$ +19.23%
📈 $Sabesp(SBS)$ +16.74%
📈 $Itau Unibanco Holding SA(ITUB)$ +15.60%
📈 $Nu Holdings Ltd.(NU)$ +13.63%
📈 $Petroleo Brasileiro SA Petrobras(PBR)$ +12.42%
Other Brazil-linked names also rallied:
$ $Energy Company of Minas Gerais(CIG)$ +10.93% · $Arcos Dorados(ARCO)$ +10.55% · $Telefonica Brasil SA(VIV)$ +10.57% · $Vinci Partners Investments Ltd.(VINP)$ +10.37% · $CIA PARANAENSE DE ENERGIA COPEL SPON ADS EACH REP 4 COM SHS(ELPC)$ +9.72% · $Ambev SA(ABEV)$ +9.70% · $TIM(TIMB)$ +8.86% · $Afya Limited(AFYA)$ +7.90% · $MercadoLibre(MELI)$ +7.51% · $Companhia Siderurgica Nacional(SID)$ +6.49% · $Banco Santander (Brasil) SA(BSBR)$ +5.65% · $Ultrapar Participacoes SA(UGP)$ +4.03% · $Gerdau SA(GGB)$ +2.79% · $Vale SA(VALE)$ +1.74% · $Embraer S.A.(EMBJ)$ +0.20%
$XP led the U.S.-listed Brazil rally, while financials and domestic-facing names saw some of the strongest moves.
The broader Ibovespa jumped 7.7% to a record 206,911.89, as investors priced in the possibility of a more market-friendly and fiscally conservative government.
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