Bloomberg News

Colombian Stocks: Pacific Rubiales Declines; Fabricato Gains

October 26, 2011

Oct. 26 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:11 p.m. local time.

The IGBC Index fell 0.9 percent to 13,260.69, while the Colcap Index declined 0.5 percent to 1,612.66.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, fell 3 percent to 43,740 pesos. Crude futures fell 2.5 percent in New York. The company, which operates Colombia’s largest oil field, said production and operations are “normal so far” amid protests.

The company is “monitoring the situation” at the Rubiales field in eastern Colombia, company President Jose Francisco Arata said today in an e-mail. About 100 people are protesting there, he said.

Investors may be betting the company could shut down the field temporarily as it has during past protests, Jose Restrepo, analyst at Interbolsa SA, said in an e-mailed report today.

Fabricato SA (FABRI CB), Colombia’s biggest textile maker, rose 0.7 percent to 71 pesos as investors see “long-term opportunities” for the sector after President Barack Obama signed a free-trade agreement with Colombia last week, said Santiago Melo, analyst at Alianza Valores SA.

--Editors: Marie-France Han, Glenn J. Kalinoski

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


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus