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Brazil stocks rally on far right election victory

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Brazilian stocks rose sharply Monday after far-right presidential candidate Jair Bolsonaro left his opponents in the dust in the first round of voting.

The benchmark Brazilian Bovespa index gained 5.5 percent on Monday. The iShares MSCI Brazil exchange-traded fund (EWZ) jumped 7.2 percent and was on pace for its biggest one-day gain since March 17, 2016, when it rose 8.9 percent.

Bolsonaro garnered 46.7 percent of the votes in Sunday’s first round, much more than any other candidate. Former Sao Paulo Mayor Fernando Haddad came in second with 28.5 percent.

CNBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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