ITUB - Why Shares of Banco Santander Brasil Banco Bradesco and Itau Unibanco Holding Are Rising Today
Shares of several Brazilian banks (and Brazilian stocks in general) rose today after results for the first round of the country's presidential election were reported.
Shares of Banco Santander Brasil (NYSE: BSBR) were up roughly 9.2% as of 2:01 p.m. ET. Banco Bradesco (NYSE: BBD) climbed 10.2%, and Itau Unibanco Holding (NYSE: ITUB) traded nearly 10% higher as well.
In the first round of the election, former President Luiz Inacio Lula da Silva won more votes but did not capture the 50% threshold needed to secure victory outright, sending the vote to a run-off later this month. Incumbent President Jair Bolsonaro garnered 43% of the vote, while Silva claimed 48%.
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Why Shares of Banco Santander Brasil, Banco Bradesco, and Itau Unibanco Holding Are Rising Today