Brazilian equities are expected to extend their recent advance on Monday, with the Ibovespa potentially heading for a fifth consecutive session of gains after Flavio Bolsonaro unexpectedly finished ahead of President Luiz Inacio Lula da Silva in the first round of the presidential election. Bolsonaro won 47.03% of valid votes, while Lula received 45.16%, with the two candidates set to compete in a runoff on October 25. The result is likely to boost investor confidence, particularly among those who view Bolsonaro as more likely to implement fiscal restraint and policies supportive of private-sector investment. A stronger conservative presence in Congress and state governments could further improve his ability to advance economic reforms if elected. Nevertheless, the narrow first-round difference leaves considerable uncertainty ahead of the runoff, meaning Brazilian stocks could remain sensitive to campaign developments and shifts in expectations.