Bloomberg News

Colombian Stock Movers: Empresa de Energia, ETB, Petrominerales

December 06, 2011

Dec. 6 (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 dropped 1.8 percent to 12,665.32, while the Colcap Index fell 1.9 percent to 1,544.21.

Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity distributor, sank for a second day after Bogota’s mayor-elect Gustavo Petro told the daily El Tiempo he plans a merger with other public companies.

Shares of EEB, as the city-controlled company is known, fell 6.4 percent to 1,090 pesos, the lowest level since November 2009.

Empresa de Telecomunicaciones de Bogota SA (ETB CB), the city-run phone company serving Colombia’s capital, fell 3.2 percent to 430 pesos, the lowest since the stock began trading in 2003.

Petrominerales Ltd. (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, fell 16 percent to 32,800 pesos, the lowest level since it began trading in August.

The company said November production fell 5 percent from October, according to a regulatory filing today. The company suspended the Socaco-1 well and is considering the Caspio-1 well for water disposal after concluding continued drilling “would not be economic,” the filing said.

Peru drilling also was delayed due to low river levels and weather, the filing said.

--Editors: Richard Richtmyer, 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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