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Cruz Blanca Gains as IM Trust Names to Favorites: Santiago Mover

Feb. 22 (Bloomberg) -- Cruz Blanca Salud SA, Chile’s second-largest health provider and insurer, gained the most in seven weeks after brokerage firm IM Trust SA added it to a portfolio of favorite local stocks.

Cruz Blanca advanced 1.5 percent to 590 pesos at the close in Santiago, the biggest gain since Dec. 14. The country’s benchmark Ipsa stock index rose 0.6 percent.

The company, which operates private clinics in Chile and Peru and provides health insurance, was included yesterday in a portfolio of Santiago-based IM Trust’s top five stocks. Cruz Blanca has “strong fundamentals,” with increased liquidity in the stock after it was added this year to the Ipsa, IM Trust said in an e-mailed note to clients dated yesterday.

“Cruz Blanca’s correction of the last few weeks is unjustified,” analysts led by Francisca Manuschevich said in the report.

Health spending in Chile may grow at 1.6 times the growth rate of gross domestic product, as the percentage of Chileans older than 60 grows to 22 percent by 2030 from 13 percent in 2010, IM Trust said in its report.

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

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