Petrobras Surges on Bolsonaro's First-Round Victory in Brazil

Analysts from JPMorgan to Bank of America Merrill Lynch boosted their ratings on the stock today after former army captain Jair Bolsonaro beat expectations in the first round of Brazil’s presidential election and seems headed for a win later this month. Bolsonaro’s economic advisor Paulo Guedes has proposed privatizing government-owned companies and overhauling Brazil’s social security system. Investors also expect less government interference in state companies under Bolsonaro.