Multiexport Rises to 10-Month High on Salmon Prices

Multiexport Foods SA (MULTIFOO) advanced to a 10-month high as salmon prices rose and after Chilean newspaper Diario Financiero reported that local investment funds had started to increase their holdings of fish farmer shares.

Multiexport climbed 3.8 percent to 144 pesos at the close in Santiago, its highest level since March 22. Other salmon farmers also advanced, with Australis Seafoods SA (AUSTRALI) gaining 2.1 percent, AquaChile SA (AQUACHIL) increasing 0.3 percent and Cia. Pesquera Camanchaca SA rising 0.3 percent.

Salmon prices in Norway increased last week to 34.76 kroner per kilogram, the highest since June 2011, Statistics Norway said yesterday. Diario Financiero reported today that several investment fund managers including Compass Group Chile AGF and BICE Inversiones AGF have been increasing their holdings of shares in several salmon farmers. The newspaper cited data from Chile’s securities regulator.

“The stocks are rising in line with salmon prices,” Andres Galarce, an equity analyst at EuroAmerica Corredores de Bolsa SA, said. “The funds’ buying can also be seen as a sign that the market is starting to trust again in the companies.”

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

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