MEXICO CITY, (Reuters) – Grupo Aeromexico shares rose sharply on Wednesday due to speculative buys, analysts stated. The stock plummeted last week after a tender that valued the shares at nearly zero as part of the airline’s efforts to make a comeback from bankruptcy.

Shares rose by as high as 58% or 3.43 pesos each share. This week, there was a total increase of almost 200%.

After the stock plunged to a historic low of 0.90 pesos, the market surged after an announcement by an unknown third party proposing 0.01 pesos per Aeromexico share.

Carlos Hernandez from Masari Casa Del Bolsa analyst said, “It is speculation. We don’t see any other than that.”

The stock exchange has been conducting volatility auctions repeatedly on Aeromexico stock stock. However, shares remain below 4 pesos. This is the same price they were trading before the tender announcement. When stock fluctuates dramatically, volatility auctions stop trading and attempt to fix a stable price.

Market traders and analysts agreed that more details about restructuring plans will likely determine the future direction of markets.

Gustavo Fuentes an independent analyst in market analysis stated, “The company needs to clarify the conditions for the takeover bid”

Aeromexico stated in a statement that Sociedad alinfra, a third-party company, had submitted a formal request for the Mexican national banking and securities Commission and Mexico’s stock exchange in order to conduct the public tender in accordance with Aeromexico’s restructuring plans.