Brazil Stock Market Jumps 6% after Bolsonaro First-Round Win

W300

The Sao Paulo stock exchange soared six percent in opening trades Monday after right-wing populist Jairo Bolsonaro's strong first-place finish in round one of Brazil's presidential elections.

Within 20 minutes of the opening, the Ibovespa index had leapt 6.04 percent, reflecting investor enthusiasm for Bolsonaro's ultra-liberal economic policies.

The former paratrooper came in first in Sunday's voting with 46 percent, trailed by Workers Party candidate Fernando Haddad, at 29 percent. The elections now go to a run-off October 28.