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MercadoLibre Tops $50 Billion in Value Amid E-Commerce Boost

  • Shares of Buenos Aires-based company climbed above $1,000
  • BofA, UBS say rally isn’t over yet as online sales accelerate
Photographer: Sarah Pabst/Bloomberg
Updated on

Shares of Latin America’s largest e-commerce marketplace MercadoLibre Inc. climbed above $1,000 for the first time as online sales surge in the region amid the coronavirus pandemic.

Up 78% this year, MercadoLibre has benefited from a growing number of consumers that are either buying online for the first time or increasing the frequency of their purchases because of virus-related lockdowns. The company said gross merchandise volume growth accelerated to 73% in April and UBS Group AG pointed to even stronger figures for the industry in May, citing data from Nielsen’s e-commerce researcher Ebit.