Southern Copper Tumbles as Ratings of Stock Reduced: Lima Mover
Southern Copper, a unit of Grupo Mexico SAB, declined 3.5 percent to $39.79 at 1 p.m. in Lima, the biggest one-day decline on a closing basis since Nov. 6. The stock pared its gain to 11 percent over the past year.
BB&T Capital Markets lowered the stock to the equivalent of sell from hold while JPMorgan Chase & Co. reduced it to hold from buy.
“The stock was hurt by all these reports coming out at the same time,” Edwin Paz, a Lima-based trader with Provalor SAB, said today in a telephone interview.
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