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Blumar's share value has increased along with the price of Chilean salmon. Photo: Blumar.
Blumar's share value has increased along with the price of Chilean salmon. Photo: Blumar.

Shares in two fish farmers companies have been ranked among the top 20 best-performing stocks of Chilean listed companies in January following a strong recovery in Chilean salmon prices.

Salmon farmers Blumar and Salmones Camanchaca were ranked 12th and 16th respectively in the monthly league table issued by the Santiago Stock Exchange.

It is the second month in a row that Blumar has been in the top 20.

The company was ranked 15th for December, when its share price increased by 8.9%. In January the price saw a further rise of 17.27%.

Shares in Salmones Camanchaca increased in value by 15.5% last month on the Santiago exchange. The company’s shares are also listed on the Oslo Stock Exchange, where they have remained stable in recent weeks and were yesterday trading at NOK 57.2.

Gerardo Balbontín: Better expectations in the sector.
Gerardo Balbontín: Better expectations in the sector.

Good price prospects

Blumar chief executive Gerardo Balbontín told Fish Farming Expert’s Chilean sister site, Salmonexpert.cl: “The rise in the share price is mainly due to the better expectations that exist in the salmon farming sector, given the good prospects for Chilean salmon prices.

“In this positive scenario, Blumar should be able to benefit after previously consolidating production in the Magallanes region, which allowed a significant increase in annual activity.”

The price of exported Chilean salmon fillets hit historically low levels of close to US $3.50 per pound during November 2020 due to the coronavirus crisis, but has recovered, said Salmones Camanchaca chief executive Manuel Arriagada.

In January it even headed towards $6 a pound, but because of bad weather in the United States, it is falling to just under $5, added Arriagada.