Localiza Sees Biggest Stock Rally Since May After Olympic Announcement

Since the announcement that Brazil will host the 2016 Olympic Games, Brazil-based Localiza Rent a Car SA saw its biggest two-day gain in five months, according to Bloomberg.com.

Per the news source, the company rose 4.9 percent to 19.45 reias on Oct. 2, extending its 6 percent gain. This has been the biggest two-day gain for the rental agency since May 5, when it saw an 11 percent gain.

It is believed that the Olympic Games can bring as much as 90 billion reais to the Brazilian economy, due to an influx of tourists.

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