Bloomberg News

Colombian Stocks: Grupo Suramericana, Bolsa de Valores, Mineros

November 23, 2011

Nov. 23 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. local time.

The IGBC Index fell 2.5 percent to 12,151.08 while the Colcap Index declined 2.6 percent to 1,496.65, the lowest levels in more than a year.

Bolsa de Valores de Colombia SA (BVC CB), the operator of the country’s main securities exchange, fell the most in four years as the IGBC Index fell to a one-year low. Shares declined 12 percent to 26.5 pesos, the biggest drop since the stock was listed in June 2007.

“The company’s income is rooted in the volumes of trading operations,” said Santiago Melo, an analyst at Alianza Valores SA.

Grupo de Inversiones Suramericana SA (GRUPOSUR CB), the parent company of Colombia’s biggest bank, fell 4.9 percent to 29,900 pesos, the lowest level since July 2010.

The stock declined after Sura’s share sale came up short of its target of 3.9 trillion pesos ($2 billion), said Leonardo Rueda, an analyst at Serfinco. The company sold 3.5 trillion pesos in an offering that ended yesterday, according to a regulatory filing today.

Mineros SA (MINEROS CB), Colombia’s biggest gold producer, fell 1 percent to 5,200 pesos, a two-year low.

Gold and silver futures declined for the second time in three days as the dollar’s rally muted demand for precious metals as an alternative investment.

--Editors: Brendan Walsh, Glenn 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


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