Concha y Toro Posts Weekly Gain on Higher Sales: Santiago Mover
Vina Concha y Toro SA rose for a fourth day after Chile’s largest wine exporter reported better- than-expected sales last quarter.
The stock rose 0.1 percent to 939.9 pesos at 2:30 p.m. in Santiago. The company’s shares have gained for three straight weeks, leaving them up 0.8 percent this year. The volume of shares changing hands this week reached 4.5 million, the highest since the week ending Sept. 14.
Concha y Toro, based in Santiago, reported that sales in the fourth quarter on a preliminary basis rose 8.9 percent from a year earlier to 134 billion pesos ($284 million), according to an e-mailed press release sent Jan. 9. The rise was led by a 12 percent gain in export sales from Chile, the company said in the statement.
“The results show a change in trend compared to prior quarters, when the volume declined year-on-year,” Banchile Citi analysts Alexander Robarts, Matias Brodsky and Sergio Matsumoto said in an e-mailed note.
Banchile Citi, the joint research department of Banco de Chile and Citigroup Inc., had predicted 119 billion pesos for the fourth-quarter sales.
Concha y Toro’s shares retreated 5.8 percent in 2012 and have gained 0.8 percent so far in 2013.
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