Bloomberg News

Colombia Stock Movers: Ecopetrol, Pacific Rubiales, Tablemac

October 27, 2011

Oct. 27 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:25 p.m. local time.

The IGBC Index rose 1.6 percent to 13,609.03, while the Colcap Index rose 1.1 percent to 1,641.50.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, rose 1.9 percent to 4,070 pesos.

The state-controlled company said it discovered oil in a well in the U.S. Gulf coast as part of exploration with Statoil SAS.

Bogota-based Ecopetrol said in an e-mailed statement the Logan 1 well was its first such U.S. Gulf coast discovery. Statoil said earlier it is too soon to known the size of the find.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, rose 3.1 percent to 46,380 pesos. Colombia’s largest oil field, called Rubiales, is at full production despite protests that began Oct. 25, Mines and Energy Minister Mauricio Cardenas said yesterday.

Police secured the field in eastern Colombia to “ensure order,” Cardenas said in a phone interview. The minister, who canceled a trip to Toronto because of the unrest, urged unions to avoid violence and said warnings by the company that it might halt output at Rubiales were “a bit exaggerated.”

Tableros y Maderas de Caldas SA (TABLEMA CB), a Colombian wood products maker, rose 4.1 percent, the most in a month, to 9.6 pesos. Investors may be betting that the company will open the only medium density fiberboard plant in Colombia by year’s end, said Jairo Agudelo, an analyst at Celfin Capital.

Investors may also be betting that the company’s third- quarter results will be better than the second quarter after heavy rains, which increased shipping costs during the previous reporting period, abated and as the construction sector is growing. Colombia building permits rose 28.4 percent from a year ago, the national statistics agency said Oct. 14.

--Editors: Marie-France Han, Richard Richtmyer

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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