Bloomberg News

Colombian Stock Movers: Petrominerales, Empresa de Energia, ETB

December 06, 2011

Dec. 6 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:25 p.m. local time.

The IGBC Index dropped 1.4 percent to 12,720.5, while the Colcap Index fell 1.4 percent to 1,553.34.

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 7.7 percent to 1,075 pesos, the lowest on an intraday basis since November 2009.

Empresa de Telecomunicaciones de Bogota SA (ETB CB), the city-run phone company serving Colombia’s capital, fell 4.3 percent to 425 pesos, the lowest intraday price since August 2005.

Petrominerales Ltd. (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, fell 11 percent to 34,680 pesos, the lowest level since it began trading in August.

The company said November production fell five 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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