Why Itau Unibanco (ITUB) Stock Is Up Today

NEW YORK (TheStreet) -- Itau Unibanco (ITUB) was gaining 4.7% to $14.48 Friday as speculation Brazilian President Dilma Rousseff facing a runoff election after the October election rises.

According to Bloomberg, a recent opinion poll shows support for Rousseff falling due to the country's poor economy. Speculation of a Rousseff facing a runoff helped boost the Brazilian real for the third straight day.

The stronger real has helped many Brazilian stocks including Itau Unibanco and Petrobras-Petroleo Brasilier (PBR).

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ITUB Chart

ITUB data by YCharts

"Itau Unibanco Holding SA is a Brazil-based holding active in the banking sector. The Company divides its activities into four segments: Commercial Banking, which offers retail banking and legal entities customers services, among others; Itau BBA, which offers products and wholesale services for companies as well as investment banking activities; Consumer Credit, which provides financial products and services such as checking accounts, auto loans and credit card transactions, among others; Market and Corporation Activity, which provides excess cash management, subordinated debt surplus administration and leads observations on certain treasury activities, among others. The Company operates in Brazil, Argentina, Switzerland, the United States, the United Arab Emirates and China, among others."

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