NEW YORK (TheStreet) -- Shares of Brazilian airline GOL Linhas (GOL) closed down 8.27% to $4.88 on Monday after Brazil's real fell to a five-year low ahead of the nation's presidential election on October 5.
The currency dropped 2.1% to 2.4713 per U.S. dollar Monday morning in Sao Paolo, the worst performance of 31 major currencies, according to Bloomberg. The real has declined 11% in the third quarter, the largest decrease since September 2011.
The latest polls show incumbent Dilma Rousseff is increasing her lead over pro-business candidate Marina Silva. The real dropped amid concerns a Rousseff victory would cause Brazil to struggle to come out of its recession.
More than 2.6 million shares changed hands Monday, compared to the average volume of 1,758,970.
Separately, TheStreet Ratings team rates GOL LINHAS AEREAS INTELIGENT as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOL LINHAS AEREAS INTELIGENT (GOL) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and poor profit margins."
- You can view the full analysis from the report here: GOL Ratings Report