Embotelladora Andina SA, Chile’s largest Coca-Cola bottler, fell the most in two weeks after reporting a decline in quarterly sales volume.
Andina retreated 2 percent to 3,116.6 pesos at the close in Santiago, its biggest decline since March 19. The benchmark Ipsa index advanced 0.6 percent.
The company sold 189.6 million cases in the first quarter, down 0.8 percent from the same period a year earlier, according to a statement on its website dated April 5. The decline was led by a 5.9 percent drop in Chile. Volumes in Brazil, the country’s biggest market by sales, advanced 0.4 percent.
“We expect some negative pressure on the stock in the short term as volumes were lower than expected in Brazil,” analysts at the brokerage unit of lender Corpbanca, including Cristobal Lyon and Pedro Letelier, said in an e-mailed note today. “Volumes in Argentina and Chile were in line with our expectations.”