Peru’s losing presidential candidate, Keiko Fujimori has conceded defeat to left-winger Ollanta Humala.
And almost immediately the financial markets plunged on fears the new leader will ruin the economy.
But among the country’s poor the reaction was positive. Although Humala has modified his anti-capitalist views he did campaign on a promise to spread around the benefits of Peru’s booming economic wealth.
But investors are waiting to see who he will appoint as his finance minister and central bank chief before being convinced he will run the economy prudently.
Humala is set to take office at the end of July.