Nu Shares Jump 11% as Brazilian Assets Rally After Flávio Bolsonaro Leads Lula in First Round

With 100% of voting sections tallied, data from Brazil’s Superior Electoral Court (TSE) showed Bolsonaro received 47.03% of valid votes, compared with 45.16% for Lula.

Neither candidate received more than 50%, so Bolsonaro and Lula will face each other in a runoff on Oct. 25.

That broad move is important for understanding NU. Vontobel portfolio manager Thierry Larose told Reuters that markets were likely to give Bolsonaro the benefit of the doubt on fiscal responsibility. Pedro Galdi, an investment analyst at AGF Investments, said investors wanted change and reform and opposed a high public deficit.

Nu also has substantial exposure to Brazil, reporting almost 118 million customers in the country out of 139 million globally at the end of the second quarter.

Separately, Nu’s tokenized stock on Robinhood was trading at $14.72, up 11.1% over the past 24 hours, according to CoinMarketCap. The tokenized instrument trades on a different 24-hour basis than NYSE-listed NU shares. Consequently, the two percentage moves reflect different trading periods and cannot be directly compared.

The timing and breadth of Monday’s move placed NU’s gain within a broader Brazilian-asset rally following the election result, rather than alongside a new company-specific operating announcement.