The mining sector is apparently unfazed by the Peruvian political horror story to come. Take for example Peru’s flagship PM miner Buenaventura (BVN), off just 2.8% this week, and basically level pegging with other LatAm emerging markets (ECH Chile, EWZ Brazil) over the last ten trading days, despite our period including all pre/post-vote chaos:
Cannot say that for the Peru stock exchange (ETF proxy EPU), driven lower by the sectorwide liquidation led by the financials (e.g. the fear spreading through BAP, Peru’s biggest public listed bank). Considering these are the people Roque and Raúl had slated to boot forward BVN’s welter debt, this desk concludes that even after the selling of the last two days the mining sector is still guilty of whistling past a Stephen King-level graveyard.