Bloomberg News

Colombia Stock Movers: Canacol Energy, EEB, Grupo Aval

November 04, 2011

Nov. 4 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses.

The IGBC Index fell 1.8 percent to 13,017.65, while the Colcap Index declined 0.6 percent to 1,600.14.

Colombian stocks followed global equities lower as Group of 20 leaders failed to agree on funding to support European governments’ efforts to contain their region’s debt crisis.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in South America, rose 0.8 percent to 1,300 pesos. Oil erased earlier declines, rising 0.2 percent on speculation that an unexpected drop in the U.S. jobless rate will spur fuel demand.

Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity transporter, rose 0.4 percent to 1,250 pesos. Fitch Ratings on Nov. 3 raised EEB’s foreign rating to BB+ from BB after the company sold $610 million of bonds abroad to buy back debt maturing in 2014, and following the issuance last month of 700 billion pesos of shares in the Colombian market.

Colombian banks saw profit rise 16 percent in the first nine months of the year to 3.4 trillion pesos ($1.8 billion) from 2.9 trillion pesos a year earlier, according to data released today by the financial regulator.

Grupo Aval Acciones y Valores SA (AVAL CB), Banco de Bogota SA’s parent company, fell 1.7 percent to 1,160 pesos.

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

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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