Fynsa
In 2025, the Lima Stock Exchange (BVL) recorded one of its best performances in the last decade. Between January and December, the general index accumulated growth of over 45% in local currency (soles), positioning the Peruvian market among the most profitable in the region. This result came amid macroeconomic stability, favorable commodity prices, and a gradual improvement in the expectations of both local and foreign investors.
The main driver of the market was the mining sector, which accounted for the largest gains of the year. Stocks linked to precious metals and copper showed exceptional gains, driven by high international prices and a significant recovery in operating margins. Volcan stood out with an increase of close to 320%, while Buenaventura recorded an appreciation of over 150%, ranking among the best-performing stocks on the market. Southern Copper and Minsur also closed 2025 with significant positive returns, reflecting renewed appetite for assets exposed to global demand for metals.
The consumer sector showed more mixed performance. Alicorp closed the year with an appreciation of close to 54%, supported by a gradual recovery in margins and improved prospects for domestic demand. In contrast, InRetail showed negative performance, affected by a still challenging environment for the retail sector and higher operating costs, highlighting a marked differentiation between issuers within the same sector.
In the financial sector, the main banking stocks posted significant gains during 2025. Credicorp accumulated an appreciation of close to 89% in dollars, backed by a gradual improvement in lending activity, prudent risk management, and greater stability in macroeconomic expectations. The sector also benefited from a more predictable interest rate environment and lower exchange rate volatility.
The industrial and infrastructure sector also contributed positively to market performance. Ferreycorp closed the year with a return of close to 31%, driven by increased demand for machinery associated with the mining, construction, and investment project sectors. This performance reflected a partial revival of private investment, particularly in capital-intensive activities.
For its part, the energy and utilities sector maintained a more defensive profile. Electric companies such as Engie Energía Perú recorded increases of close to 41%, in line with their stable revenues and relative low volatility compared to other sectors of the stock market.
Overall, the performance of the BVL in 2025 points to an exceptional year for Peruvian stocks, led by the mining sector and accompanied by selective improvements in other key sectors. Although the local market remains relatively concentrated and with lower levels of liquidity compared to other regional markets, the results for 2025 reflect a significant appreciation of local assets, supported by solid macroeconomic fundamentals and a favorable external environment.
