Update: Brazil stocks jump 8% on surprise first round election result

Brazilian equity markets have rallied sharply after a strong performance by pro-business candidate Aecio Neves in the first round of the presidential election.

Neves, a candidate for the Brazilian Social Democratic Party, gained 33.5% of the first-round votes, meaning he will face incumbent Dilma Rousseff in a run-off on 26 October. That prompted a 7.8% jump in the Bovespa at the open, with the Brazilian real climbing almost 3% to $2.39, regaining some of the losses sustained last week in volatile pre-election moves. An hour later the Bovespa was up 6.5% at 58,059, as markets digested news that current president Rousseff gained 41.5% of first-round votes, a smaller lead than exit polls had suggested. Environmentalist Marina Silva, the one...