NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report climbed 4.61% to $8.63 in Thursday's trading session as Brazil-based stocks benefited from optimism that the country's new government will help pull the country out of its worst recession in a century.
Banco Bradesco is an Osasco, Brazil-based bank.
Brazil's lower house of Congress named Rodrigo Maia its new speaker late Wednesday. Maia is an ally of interim President Michel Temer, and his election is bolstering investors' hopes that certain measures to revive the country's economy might finally receive approval by lawmakers, according to Bloomberg.
"That's really a very important victory for Temer's plan," Alvaro Bandeira, chief economist at the brokerage Modalmais, told Bloomberg. "The trend for the market is up now."