October 9, 2018 |
Brazil's B3 Bovespa stock exchange spiked almost four points on Monday morning after the marketplace welcomed a first round victory for right-wing presidential candidate Jair Bolsonaro.
Conservative Bolsonaro garnered 46% of votes for the presidency while left-wing PT candidate Fernando Haddad finished second with 29.3% of votes. Centrist candidate and market darling Geraldo Alckmin of the PSDB came a distant fourth with just 4.8% of the vote.
Bolsonaro and Haddad will face-off in a second round
Right-wing candidate wins first round of Brazil's presidential election, but investors hope for congressional strength to implement economic change