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Brazilian ADRs, Real Estate Shine in Midday Trading

Brazilian shares took off midday on Wall Street.

Investing.com - Overseas companies were active on Wall Street in midday trading, as were rate-sensitive issues as worries about climbing U.S. interest rates persisted despite the bond markets being closed for Columbus Day.

Brazilian American depositary receipts (ADRs) led the leader board as investors cheered what looks like an upcoming victory for right-wing presidential candidate Jair Bolsonaro.

Bolsonaro’s policies are seen to be the most friendly to stock markets and companies, compared with those of the left-wing Workers’ Party.

He came just short of winning a first-round presidential victory and is already canvassing other lawmakers for support.

Among the best-performing stocks were Banco Do Brasil (OTC:BDORY), up about 11.5% at 12:21 PM ET (16:21 GMT), Petrobras (NYSE:PBR), up about 10.6% and Telefonica (MC:TEF) Brasil (NYSE:VIV) , which gained about 6%.

Also doing well were real estate stocks.

The S&P Real Estate sector index climbed about 1.5%.

Gaining ground midday were Iron Mountain (NYSE:IRM), which rose about 2%, Simon Property Group (NYSE:SPG), which gained about 1.9% and Weyerhaeuser (NYSE:WY), which climbed about 2%.

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