CONNECT WITH US
Tech

Tech

Brazilian financial stocks rise by double digits on presidential election news

Fast Company logo

Published on

Add as a preferred source on Google
Brazilian financial stocks rise by double digits on presidential election news

U.S.-listed shares of Brazilian fintech and financial services companies rose by double digits in premarket trading on Monday following news that South America’s largest country is heading into a runoff election. 

Right-wing candidate Flávio Bolsonaro managed to win 47% of the vote, surprising some poll watchers, while incumbent left-wing President Luiz Inácio Lula da Silva received 47%, the Rio Times reported.

The two will face off again later this month as neither candidate scored the 50% needed for a full victory.

Bolsonaro, a senator and the son of imprisoned former president Jair Bolsonaro, campaigned on a fiscal adjustment and spending cuts seen as being more investor friendly, though some have wondered if “he would ultimately prove more fiscally responsible than Lula,” as Reuters reported.

At 80, Lula is serving his third non-consecutive term, having defeated then-incumbent president Jair Bolsonaro in 2023 after serving as president during an earlier stretch between 2003 and 2011.

Nu Holdings (NYSE: NU), owner of Latin America’s largest digital bank, saw its stock price jump more than 12% in premarket trading as of this writing. 

Shares of Brazil’s Banco Bradesco (NYSE: BBD) likewise rose by over 12%. 

PagBank, a payments platform and financial services company based in São Paulo, saw its U.S.-listed stock price (NYSE: PAGS) jump more than 15%. 



Source link
Related Topics:Tech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.