Chilean stock indices inched up in mixed trade on Friday, led by sugar producer Iansa. The all-market IGPA index climbed 0.11 percent to 10,287.35 points, while the trade-value-weighted blue chip IPSA index rose 0.22 percent to 2,197.91, preliminary closing figures showed.
Sugar producer Iansa was the dramatic exception to otherwise dull Friday trade. "The news about ENAP and Iansa concluding preliminary studies on biofuels has acted as a powerful force on the stock," a trader said. "But, outside of that, there doesn't seem to be much else."
Chile's lone sugar producer Iansa rocketed 11.06 percent to 102 pesos in heavy trade as investors got enthusiastic about the company's potential involvement in biofuels development and world sugar prices rebounded. Iansa and ENAP, the government owned petroleum corporation, announced on Thursday they had determined that biofuels development was a feasible option and that they would continue working together to develop a national biofuels strategy.
Giant industrial conglomerate Copec, one of Latin America's largest wood pulp producers, also helped push the index up as its stock advanced 0.59 percent to 5,080.
SQM, a major fertiliser exporter and the world's No 1 producer of iodine and lithium, rose 1.55 percent to 5,900 pesos a share. On the foreign exchange market the Chilean peso rose 0.19 percent to close at 538.00/538.50 per dollar compared with Thursday's close at 539.00/539.50.
"Like yesterday, the peso fell early in the session, but later recovered when there was a dollar sell-off when it passed 540 pesos," a trader said. "There's an important resistance level at 540 that seems to trigger offers.