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What: Shares of mining company Compania de Minas Buenaventura
So what: The market is freaking out that newly elected Ollanta Humala, a nationalist candidate, will be bad for business and tax rates will go up for mining companies. In response, Humala says he will not implement Venezuelan-style socialist policies as the market fears.
Now what: Peruvian stocks have been hammered today and the stock exchange was halted after shares fell 9%. But if you believe Humala's economic advisor who said investors negatively "speculating now are simply going to lose their money," now might be a buying opportunity. Peru is growing quickly and Humala has talked a good game about letting private business flourish in Peru. Time will tell which side is right.
Interested in more info on Buenaventura? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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