Argentina presidential election results

“What happened today will change politics in this country”, Macri said in a speech to supporters on Sunday in an apparent anticipation of a win.

This election will shape how Argentina, Latin America’s third largest economy, will tackle its economic woes such as double-digit inflation, precariously low foreign reserves and a sovereign debt default.

Argentinian assets rose across the board on Monday, buoyed by the news of Mr Macri’s strong showing, with the defaulted 2038 euro-denominated issue hit a record high of 56.167c.

“We have two very different visions”, Scioli said.

Supporters of presidential candidate Daniel Scioli, of Argentina’s ruling party, react at the party’s headquearters in Buenos Aires, early October 26, 2015.

With 97 percent of votes counted in the Buenos Aires province gubernatorial race, Let’s Change Buenos Aires Deputy Mayor María Eugenia Vidal leads by around four points over Victory Front presidential cabinet chief Aníbal Fernández.

“I voted for Scioli because I understand he will maintain the project that Nestor and Cristina began”, said 30-year old graphic designer Emilio Ferreyra after voting in the capital.

To win outright, a presidential candidate would need either 45 percent of the votes or at least 40 percent of them coupled with a 10-percentage-point lead over his or her closest rival. In the end, he fell far short.

Scioli, 58, spoke to thousands of his supporters after the polls closed and took the opportunity to address undecided and independent voters. Macri said there would be a runoff, and called on voters to choose him in a second round.

If elected, Mr Macri would be expected swiftly to undo much of Ms Kirchner’s legacy economic policies, including protectionist import measures, crippling export taxes, currency controls, levels of welfare support that have become unsustainable with a 7 per cent budget deficit and the nationalization of pensions funds and as well as the national airline and YPF, the energy giant.

Scioli also invited Macri to a debate, an about-face after refusing to debate the other five candidates a few weeks ago.

Macri, the Buenos Aires mayor, presented himself as the candidate to put Argentina’s economy in order, promising to make a deal with the US creditors and lift unpopular currency restrictions. And Fernandez and her late husband are widely credited with lifting Argentina up from that crisis.

Scioli has vowed to defend the core of “kirchnerism,” a populist creed built around trade protectionism, social welfare and defense of the working classes.

Analysts expected many who supported Massa in the primary to defect to one of the two frontrunners – to Macri due to his opposition to the incumbent party, or to Scioli due to their parties’ common Peronist identity.

“I’ll face this new phase with more faith than ever”.

“It’s a shocking result and markets will likely react positively”, Alejo Costa of local investment bank Puente said of the first-round vote.

The Macri camp was jubilant at a second chance.