Bloomberg News

Colombian Stock Movers: Avianca Taca, Enka, Canacol, Rubiales

October 03, 2011

Oct. 3 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time.

The IGBC Index fell 3.1 percent to 12,518.78 while the Colcap Index declined 2.1 percent to 1,550.95.

Avianca Taca Holding SA (PFAVTA CB), the owner of Colombia’s largest airline, fell 2.6 percent to 4,700 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 La Republica reported. The company confirmed the claim had been filed, without specifying an amount, in a statement released Sept. 30.

Enka de Colombia SA (ENKA CB), a Medellin-based synthetic fibers producer, rose 2.9 percent to 10.6 pesos. President Barack Obama has sent pending free-trade agreements with South Korea, Colombia and Panama to Congress after lawmakers created a path for renewing benefits for workers who lose their jobs to foreign competition.

Oil companies fell as crude dropped to the lowest level in more than a year in New York on concern that Greece will default on debt payments, leading to slower global economic growth and lower fuel consumption.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in South America, fell 8.4 percent to 1,090 pesos, the lowest since it began trading in July 2010.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, fell 6.5 percent to 38,500 pesos, the lowest since May 2010.

--Editors:

PREC CB ENKA CB PFAVTA CB CNEC CB

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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