Peronist candidate Alberto Fernandez, representing the Front of All alliance, leads in the presidential elections in Argentina, gaining 47.9 percent of the vote with 92 percent of ballots counted, the election commission reported on Sunday.

The country’s incumbent president, Mauricio Macri, is getting 40.6 percent and is expecting to keep moving down as remote area votes tend to favor Peronismo. In a public address Macri conceded the victory to Fernandez and invited him for breakfast in the “Casa Rosada”.

With these results a second round will not be necessary. According to Argentine law, a victory in the first round is secured for the candidate who gains either more than 45 percent of the vote, or more than 40 percent with a 10 percentage points lead over the closest opponent.

Macri felicitó a Alberto Fernández y dijo que hablaron: “Lo invité mañana a desayunar en la Rosada porque tiene que empezar un período de transición ordenada que lleve tranquilidad a los argentinos. Lo único importante es el futuro y el bienestar de los argentinos” pic.twitter.com/vsVyJfOG2k — TN – Todo Noticias (@todonoticias) October 28, 2019

This victory also caps a remarkable political comeback for his running mate, ex-president Cristina Fernandez de Kirchner, who will be his vice-president.

Thousands of ecstatic Fernandez supporters cheered and danced outside his Frente de Todos party headquarters in Buenos Aires.

“It’s a great day for Argentina,” a smiling Fernandez told reporters after exit polls and his own party’s tallies, had announced his victory.

WATCH: Alberto Fernandez and running mate, ex-President Cristina Kirchner, celebrate their election win with supporters in Buenos Aires. More via @/business: https://t.co/r8x7UsZ0SF #EleccionesArgentina pic.twitter.com/79kv6FimuM — Bloomberg TicToc (@tictoc) October 28, 2019

OT/JRE/EFA