Bloomberg News

Colombia Stock Movers: Canacol, Pacific Rubiales, Aval Fall

November 01, 2011

Nov. 1 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses.

The IGBC Index fell 1.8 percent to 13,077.68, while the Colcap Index declined 1.5 percent to 1,597.17.

Colombian stocks followed global equities lower on concern that a Greek referendum may threaten Europe’s bailout plan and result in a disorderly default.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in South America, plunged 4.1 percent to 1,180 pesos. Canacol dropped has 13 percent in the past two sessions after the company said yesterday it is quitting Tamarin 1, the first of five wells it plans to drill in the Caguan-Putumayo basin, after the well showed only minimum signs of crude. “Besides risk aversion, news on the dry well is pushing Canacol lower,” said Nicolas Bernal, an analyst at Ultrabursatiles SA brokerage in Bogota.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, slid 3.5 percent to 42,420 pesos. Oil futures dropped as much as 4.3 percent today.

Grupo Aval Acciones y Valores SA (AVAL CB), Banco de Bogota’s parent company, fell 4.1 percent to 1,175 pesos.

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

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

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


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