Bloomberg News

Colombian Stock Movers: Avianca Taca, Canacol, Enka, Grupo Aval

October 03, 2011

Oct. 3 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:12 a.m. New York time.

The IGBC Index fell 0.2 percent to 12,891.7 while the Colcap Index gained 0.1 percent to 1,585.83.

Avianca Taca Holding SA (PFAVTA CB), the owner of Colombia’s largest airline, fell 3.4 percent to 4,660 pesos.

Valorem SA, a holding company of Colombian billionaire Julio Mario Santo Domingo and former owner of Avianca, filed an arbitration claim against Avianca Taca for $190 million for an alleged miscalculation in pension payments of workers, daily newspaper Republica reported. The company confirmed the claim had been filed, without specifying an amount, in a statement released Sept. 30.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in South America, fell 8 percent to 1,095 pesos. Oil declined to the lowest level in almost eight weeks in New York on concern that Greece will default on debt payments, leading to slower global economic growth and lower fuel consumption.

Enka de Colombia SA (ENKA CB), a Medellin-based synthetic fibers producer, rose 5.8 percent to 10.9 pesos. President Barack Obama may send free-trade agreements with South Korea, Colombia and Panama to Congress for consideration as soon as today, according to a person familiar with the administration’s plans.

Grupo Aval Acciones y Valores (PFAVAL CB) fell 0.4 percent to 1,205 pesos. The Colombian holding company is interested in the purchase of Latin American assets of HSBC Holdings PLC, Chairman Luis Carlos Sarmiento Angulo told the daily newspaper Portafolio.

--Editors: Brendan Walsh, Richard Richtmyer


To contact the reporter on this story: Blake Schmidt in Bogota at

To contact the editor responsible for this story: David Papadopoulos at

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