Brazil markets’ Bolsonaro rally sends stock exchange to record high
SAO PAULO/BRASILIA, Oct 5 (Reuters) - Brazil's main stock exchange surged to a record high on Monday as the country's markets cheered on right-wing Senator Flavio Bolsonaro's better-than-expected finish in the first round of Sunday's presidential election.
Brazil's main stock exchange, Bovespa, reached a record closing high on Monday, rallying 7.7% following the strong showing of right-wing Senator Flavio Bolsonaro in Sunday's presidential election. The 45-year-old senator, son of former President Jair Bolsonaro, secured 47% of the votes cast and will face incumbent President Luiz Inacio Lula da Silva, who received about 45% of the vote, in a runoff on October 25.
Lula secured victory in the second round of the 2022 election and is currently under house arrest. Analysts predict a more favorable political environment for Bolsonaro if elected, as his Liberal Party gained substantial representation in both Senate and lower house races. Brazil's currency strengthened by 4.1% to around 5 per dollar, reaching its biggest one-day gain in four years.
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