Bloomberg News

Colombian Stock Movers: Exito, Pacific Rubiales, Petrominerales

December 12, 2011

Dec. 12 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:49 a.m. local time.

The IGBC Index dropped 1.2 percent to 12,670.01, while the Colcap Index fell 0.9 percent to 1,563.01.

Almacenes Exito SA (EXITO CB), Colombia’s biggest publicly- traded retailer, fell 1 percent to 24,240 pesos. In November, 35 percent of retail businesses reported an increase in their sales, compared to 44 percent a year ago, according to a monthly survey released on the website of the National Federation of Retailers.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, fell 2.1 percent to 37,920 pesos.

Oil extended last week’s decline as Moody’s Investors Service said it will review the credit ratings of all European Union countries and China’s export growth slowed to the weakest pace since 2009.

Petrominerales Ltd. (PMGC CB), a Calgary-based company that explores for and produces oil in Colombia, rose 3.7 percent to 31,000 pesos.

The company said its Cobra-2 well is currently producing over 5,000 barrels of oil per day of 30 degree API oil at a 2 percent water cut, according to a regulatory filing.

“That’s a positive for the company,” said Juan David Pineros, an oil industry analyst at brokerage Interbolsa SA.

--Editors: Glenn Kalinoski, Brendan Walsh

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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