Kuczinski now sure in the runoff. Peruvian assets surge

PERU - In Brief 11 Apr 2016 by Roberto Abusada
With 82.55% of the votes already tallied, Keiko Fujimori, Pedro Pablo Kuczynski and Veronica Mendoza have gathered 39.55%, 22.11% and 18.27% respectively. Markets reacted very positive to the electoral results. The sol appreciate by 2% against the dollar in early trading, sovereign bonds yields tightened by more than 30 pb (particularly in the middle and long-term maturities) and the stock market indexes are higher by more than 8%. GDP data for February looks somewhat better than expected, due to a huge increase in copper production (69.6% y/y). With the new information GDP growth the rate for February will probably be around 5.5% y/y. The better-than-expected result is likely to substantially buttress business and consumer confidence. BAP +11.5% BVN + 6.9% MINSUR, Volcan, Cementos Pacasmayo, UNACEM, Graña y Montero all up by more than 15%

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