Bloomberg News

Chilean Stock Movers: Cap, Sigdo Koppers, Socovesa and Paz Gain

October 24, 2011

Oct. 24 (Bloomberg) -- The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of the close in Santiago.

The Ipsa index gained 1.7 percent to 4,197.90. The MSCI Chile index rose 2.5 percent to 2,333.69.

Cap SA (CAP CC) increased 5.4 percent to 18,387 pesos, its highest price since Sept. 9. Chile’s largest iron miner and steel producer rose as industrial metals extended the biggest rally in three years after figures showed manufacturing may increase in China, the world’s top global consumer.

Sigdo Koppers SA (SK CC), a Chilean industrial holding company, rose 5.6 percent to 820 pesos, the biggest gain since Aug. 23. Shareholders approved a $370-million share sale, according to a regulatory filing published on Oct. 21 after markets closed.

Socovesa SA (SOCOVESA CC), Chile’s largest publicly traded home builder by sales, surged 7.3 percent to 234.70 pesos. Today’s gain, the ninth in 10 sessions, is the biggest since March 2, 2010. The company’s shares are sensitive to changes in joblessness, said Alex Sadzawka, an analyst at Santiago-based Celfin Capital SA. The country’s statistics institute on Oct. 28 will probably report that unemployment declined in September, according to economists surveyed by Bloomberg.

Paz Corp SA (PAZ CC), Chile’s third-largest real estate developer by market value, also gained, increasing 11 percent to 311.94 pesos.

--Editor: Glenn J. Kalinoski

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at Papadopoulos@bloomberg.net


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