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.

Continue reading

Source Fool.com