Bloomberg News

Colombian Stock Movers: Suramericana, Davivienda Decline

October 19, 2011

Oct. 19 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 1:09 p.m. local time.

The IGBC Index fell 0.2 percent to 13,432.09 while the Colcap Index fell 0.4 percent to 1,621.22.

Grupo de Inversiones Suramericana SA (GRUPOSUR CB), the parent company of Colombia’s largest bank, fell 0.3 percent to 33,300 pesos after the government imposed a limit on currency trading by pension funds as it seeks to reduce the peso’s volatility.

Pension funds’ currency transactions over a five-day period can equal no more than 2.5 percent of their assets under management, the Finance Ministry said in a statement today.

Banco Davivienda SA (PFDAVVND CB), Colombia’s third-biggest bank, fell 0.4 percent to 20,420 pesos after earlier declining as much as 3.3 percent, the biggest intraday slide since March 16. The bank will sell as many as 40 million preferred shares in the local market in an offering slated to begin tomorrow and end Nov. 10, said Davivienda President Efrain Forero.

The share price will be 20,000 pesos, Forero told reporters in Bogota today, for a total of up to 800 billion pesos ($421 million).

--Editors: Marie-France Han, David Papadopoulos

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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