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 3.9 percent on Monday. The iShares MSCI Brazil exchange-traded fund (EWZ) jumped 5.3 percent and was on pace for its biggest one-day gain since Jan. 24, when it rose 6.2 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, the candidate came in second with 28.5 percent.
Polls leading up to Sunday’s vote predicted a Bolsonaro victory, but the former army captain far outperformed those forecasts. A second voting round will be held Oct. 28 because no candidate received more than 50 percent.
Read more at CNBC.com.