SAO PAULO, Oct 13 (Reuters) - Shares of Brazilian state-run companies skyrocketed on Monday as investors saw a higher likelihood of challenger Aecio Neves defeating President Dilma Rousseff in this month’s election.
Preferred shares of Petroleo Brasileiro SA, the oil producer known as Petrobras, soared about 11.5 percent and were on track to close with their biggest one-day gain in nearly six years.
Shares of lender Banco do Brasil SA jumped almost 11 percent.
Investors hope a Neves administration would enact policies that are more favorable to minority shareholders in state-run companies and instill market confidence in Latin America’s largest economy. (Reporting by Asher Levine; Editing by Chris Reese)