SBS - Why Petrobras and Other Brazilian Stocks Are Rocking Today
Monday is turning out to be a great day to own shares of companies based in Brazil . Over the weekend, the South American nation held the first round of its 2022 presidential election, and former President Luiz Inacio Lula da Silva was ahead in the polling -- and investors are cheering.
As of 10:45 a.m. ET Monday, shares of Brazilian oil giant Petroleo Brasileiro (NYSE: PBR) (NYSE: PBR.A) (aka Petrobras) were up 12.4%, while electric and gas utility Companhia Energetica de Minas Gerais (NYSE: CIG) had gained 14.6%, and water utility Companhia de Saneamento Basico do Estado de Sao Paulo (NYSE: SBS) (aka "Sabesp") was leading the whole Brazilian stock market higher with a 22.5% gain.
Vying against the incumbent, conservative Jair Bolsonaro, and nine other candidates with minor support, the Worker's Party's da Silva won a plurality of the votes cast Sunday -- 48.4%. That wasn't enough to win the election in the first round, but appears to give him the advantage over Bolsonaro, who won only 43.2% of Sunday's vote.
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Why Petrobras and Other Brazilian Stocks Are Rocking Today