UPDATE: Rio Alto and Bear Creek Lower, But Well Above Day Lows; Pan American Silver Corp Down 3% on Reports of Humala Victory in Peru
Left-wing former army commander Ollanta Humala's apparent victory in Peru's presidential election dragged the shares of TSXV-lised Bear Creek Mining (BCM.V) and Rio Alto (RIO.V) deep in to negative territory on Monday. Shares of TSX-listed Pan American Silver (PAA.TO), which also owns extensive operations in Peru, were down around more than 3% at $30.71.
Bear Creek shares were lower by nearly 5% at $5.91, but well above a day low of $5.21 while Rio Alto shares were down 28 cents at $2.10, but well above a day low of $1.76.
Humala claimed victory on Sunday night as results from 87.8% of ballot boxes gave him a narrow lead of 2.5% points over right-wing lawmaker Keiko Fujimori, Reuters reported.
While Humala has struck a conciliatory tone and vowed an economic boom will continue in one of the world's fastest growing economies, investors fear he will roll back free-market reforms, the report said.
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