Mario Brescia Cafferata, who with his older brother Pedro built the family business into one of Peru’s largest conglomerates and the country’s second-largest lender, has died, El Comercio reported. He was 83.
Peru’s economy slowed more than analysts expected in March as weaker global growth reduces demand for the country’s metal and manufacturing exports.
Peru’s central bank kept borrowing costs unchanged for a 24th straight month as policy makers expect inflation to converge to the mid-point of their target amid near-potential economic growth.
Wall Street’s biggest banks are turning Peru into the fastest-growing corporate bond market in Latin America as they capitalize on debt investors seeking to profit from the nation’s economic boom.
The following companies had unusual price changes in Peru trading. Stock symbols are in parentheses and share prices are as of the close of trading in Lima.
Peru’s bonds rose, pushing yields down the most in seven months, on demand from local investors who didn’t participate in the government’s biggest issuance of local debt since 2010.
Covanta Holding Corp. , the developer of waste-to-energy plants, is marketing debt after high-yield, high-risk company borrowing costs fell to the lowest in more than five years.
Peru’s sol advanced the most in a week as companies exchanged dollars to pay taxes even as the central bank intervened to slow the local currency’s gains.
Peru’s sol closed at its weakest level in three months after dollar purchases by the central bank and pension funds diminished local supply of the greenback.
Peru’s sol-denominated bonds registered their biggest weekly gain since September as bets foreign investment will spur gains in the currency boosted demand for the securities.