Mirgor Rallies to Record After Profit Surges: Buenos Aires Mover
Mirgor SACIFIA (MIRG), an Argentine producer of vehicle air conditioning systems, rose to a record after reporting an 85 percent increase in net income.
Mirgor advanced 3.9 percent to 107.50 pesos at 1:11 p.m. in Buenos Aires, set for the the highest level ever. It earlier increased 7.7 percent, its largest intraday gain since April 20. Volume was twice the average of the past three months.
Mirgor reported yesterday profit of 150 million pesos ($29.6 million) in 2012. That compares with 81.2 million pesos in the prior year, according to data compiled by Bloomberg.
“The results were really good,” Adrian Mayoral, a trader and analyst at Buenos Aires-based brokerage Mayoral Bursatil, said in an interview. “It isn’t a very liquid stock so that explains the jump today.”
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