Grupo Pochteca SAB (POCHTECB), the chemical distributor controlled by the family of billionaire Antonio del Valle, posted its biggest two-day rally in three years on optimism the company’s expansion plan will bolster profits.
Pochteca jumped 18 percent to 3.17 pesos in Mexico City trading, pushing the two-day advance to 33 percent, the biggest two-day rally since May 2009 and the highest closing price since September 2008. Daily volume climbed to 15 million shares, 25 times the average for the past three months and the highest since 2008. The stock exchange temporarily suspended trading today until Pochteca said in a regulatory filing that it had nothing further to disclose.
Del Valle said in an interview with Bloomberg News published yesterday that he would seek to have Pochteca emulate the acquisition-driven growth strategy that triggered a decade- long rally at his chemical maker, Mexichem SAB.
“I’m probably going to ask my analysts to start following the company because there could be value there,” said Jorge Lagunas, who oversees about $200 million in equities as a money manager at Mexico City-based Grupo Financiero Interacciones SA.
Pochteca has gained 80 percent since Oct. 21, when the company named Ricardo Gutierrez, an ex-Mexichem chief executive officer, as chairman of the board. The company also hired former Mexichem finance chief Armando Vallejo as chief financial officer.
To contact the reporter on this story: Jonathan J. Levin in Mexico City at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com