Those who decided to put their surpluses in the Lima Stock Exchange (LSE) on December 30, 2024 and kept them intact until today they earned, on average, 70% of their investment in dollar terms or 52% in sole terms. Regardless of how you seek to measure gains, patience paid off for investors who avoided moving their portfolios out of fear or a desire to beat the market.
During the year, there were winds (in some cases hurricane-force) that shook the stock markets and made more than one’s hair stand on end, resulting in large losses. Although these winds did not necessarily originate in our country, their impact did ‘ruffle the hair’ of investors in the Lima stock market.
Volatility factors
A report from the Central Reserve Bank (BCR) reported that the optimism that characterized the United States stock market in recent years was interrupted in February, by the “liberation day” tariff offensive launched by President Trump that materialized in April, hitting all stock markets in the world.
Subsequently, the market managed to recover steadily in the following six months, due to the moderation of global trade tensions, the rise of artificial intelligence and the Fed’s rate reduction in the face of signs of economic slowdown.
However, in November, the rally moderated, due to catalysts such as fear of a bubble in the valuations of technology firms, greater caution from the Fed due to persistent inflation, the lingering effects of the trade war and the impact of the government shutdown.
All of these factors generated profits and losses, but in the long run it was not necessary to actively trade to make money.
The winners
Among the stocks that traded in 80% or more of all BVL sessions during the year, the titles of the junior miner PPX Holding stood out, yielding 620%. The company is preparing to start commercial production of its gold processing plant at the Igor project (La Libertad) in 2026.
They followed him in the Minera Atacocha titles. The shares of the polymetallic company that produces copper returned 429%. Likewise, Volcan’s shares rose 270% and Buenaventura’s ADRs rose 153%.
In the industrial companies segment, the shares of Cementos Pacasmayo shone. The company controlled by Holcim recorded a gain in its securities of 79.7%.
A similar gain was seen in Nexa Resources shares with 75.6%. The stocks that followed in the ranking were Southern Cooper (+72.8%), Credicorp (+70%), the ETFPerúD stock fund (+69.9%) and Alicorp (+61.4%). Just to name the first 10.
The 20 stocks that performed the most during the year as of December 26 |
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| Sector | Company | Variation in prices |
| Junior | PPX Holding | 620.00% |
| Mining | Atacocha BC1 | 429.41% |
| Mining | Volcano BC1 | 270.19% |
| ADR | Bonaventure | 153.39% |
| Industrial | Pascamayo C1 Cements | 79.65% |
| Mining | Nexa Resources C1 | 79.57% |
| Securities issued abroad | Souther Cooper | 72.83% |
| Securities issued abroad | Credicorp | 70.05% |
| stock funds | PeruD ETF | 69.91% |
| Industrial | Alicorp C1 | 61.44% |
| Mining | Powerful C1 | 53.98% |
| Industrial | Steel Company of Peru C1 | 47.41% |
| Banks and financial institutions | C1 Credit Bank | 45.76% |
| Various | Ferreycorp C1 | 42.69% |
| Banks and financial institutions | BBVA Peru C1 | 37.11% |
| Mining | Minsur I1 | 36.58% |
| Junior | Panoro Minerals | 28.18% |
| Mining | Cerro Verde C1 | 22.16% |
| Various | Unacem C1 | 19.51% |
| Public services | Orygen C1 | 16.39% |
The message is clear, those who were able to ignore the noise avoided costly mistakes and took advantage of one of the most consistent runs of the decade.
Please note
According to the BCR, valuations of AI companies at record levels leave the US stock market vulnerable to potential disappointments in earnings growth or future profitability of mega-investments.
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