Chilean Stocks: Colbun, Cruzados, Entel Fall; Salfacorp Gains
The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 3:12 p.m. New York time.
The Ipsa index fell 0.1 percent to 4,963.15.
Colbun SA (COLBUN CC) retreated 0.8 percent to 133.71 pesos, the most in almost a week. Colbun will delay its $202 million San Pedro hydroelectric project as it carries out further tests at the site in southern Chile, La Tercera reported.
Cruzados SADP (CRUZADOS CC) fell 16 percent to 257.88 pesos, the steepest decline since its initial public offering of shares in December 2009. The firm that manages the Universidad Catolica soccer team ceded gains after winning a local tournament yesterday. The company rose 50 percent in the three previous weeks before the finals.
Empresa Nacional de Telecomunicaciones SA (ENTEL CC) retreated 0.2 percent to 8,271.30 pesos, with a four-fold increase in its average volume of the last three months. Chile’s second-largest mobile operator was reiterated at “neutral” by JPMorgan Chase & Co, with a year-end 2011 price estimate of 9,700 pesos.
Salfacorp SA (SALFACOR CC) rose 4.5 percent to a record 1,703.50 pesos, the largest increase since March. The Chilean construction and engineering group was reiterated “buy” at Larrain Vial with a end-2011 price estimate of 1,900 pesos, by analyst Jorge Opaso, citing an increase in backlog and estimated revenue from projects in Peru and Colombia.
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