Nearshore Americas

Chile’s Sonda Gets Largest Share of Revenue from Hot Brazil Market

SOURCE: Bloomberg

Sonda SA climbed the most among stocks in Chile’s main index after the country’s largest information technology provider forecast increased sales in Brazil in an interview with Diario Financiero.

Santiago-based Sonda rose 4.1 percent to 1,235 pesos at 9:33 a.m. New York time and advanced as much as 4.5 percent. Chile’s Ipsa index was little changed.

Sales in Brazil will continue rising this year and probably will account for 39 percent of the company’s total revenue, overtaking Chile as its biggest market, the Santiago-based newspaper quoted Chief Executive Officer Raul Vejar as saying. That has bolstered confidence in the stock, said Cristopher Baillarie, an analyst at Banco de Credito e Inversiones’s brokerage unit.

“Investors see a company that says that they are forecasting a positive year as being attractive,” Baillarie said by telephone from Santiago. “This is giving increased confidence because it’s a market with a lot of fear and every bit of positive news that comes out is being taken as much more positive given the general state of declines on the exchange.”

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Kirk Laughlin

Kirk Laughlin is an award-winning editor and subject expert in information technology and offshore BPO/ contact center strategies.

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