Why Petrobras and Other Brazilian Stocks Are Rocking Today

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.