Bloomberg News

Colombian Stock Movers: Bancolombia, BVC, Canacol, Ecopetrol

November 24, 2011

Nov. 24 (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 gained 0.1 percent to 12,168.17, while the Colcap Index declined 0.3 percent to 1,492.3.

Bancolombia SA (BCOLO CB), Colombia’s largest lender, rose 2.3 percent to 26,500 pesos. Bancolombia SA will be a co- investor in Sura’s acquisition of ING Groep NV’s Latin American assets with a participation of $150 to $300 million, Bancolombia President Carlos Raul Yepes told reporters today.

Bolsa de Valores de Colombia SA (BVC CB), the operator of the country’s main securities exchange, rose 3.8 percent, the most in seven weeks, to 27.5 pesos. Today’s jump was a rebound after yesterday’s record 12 percent fall was overdone, said Mauricio Hernandez, analyst at Corredores Asociados SA.

Oil companies rose after Colombian oil regulator Orlando Cabrales told reporters yesterday that international investment in crude and natural gas will reach $6 billion annually both this year and next year, when the government plans to auction new oil contracts.

He said Colombia expects to award as many as 113 blocks next November, including offshore areas and zones holding possible reserves of shale oil.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in South America, rose 0.4 percent to 1,200 pesos.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, gained 0.4 percent to 3,875 pesos.

--Editor: Marie-France Han

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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