Bloomberg News

Colombian Stock Movers: Ecopetrol, Empresa de Energia de Bogota

December 15, 2011

Dec. 15 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:15 a.m. local time.

The IGBC Index rose 0.5 percent to 12,468.27, while the Colcap Index gained 0.5 percent to 1,551.19.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, rose 0.9 percent to 4,140 pesos. The company said it won rights to blocks in the U.S. Gulf of Mexico as it expands exploration for crude and natural gas.

The seven blocks will increase to 119 the number of areas in the Gulf where Ecopetrol has exploration rights alone or with partners, the company said today in a statement on the website of Colombia’s securities regulator.

Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity distributor, gained 3.3 percent to 1,100 pesos.

The company is rebounding after Colombia’s securities regulator suspended trading of the shares Dec. 7 following a 17 percent plunge over three days, said Juan David Ballen, analyst at Alianza Valores SA.

He said investors have relaxed since the company said Dec. 13 the plunge was not justified by its financial results and that 80 percent of its income comes from investments in other companies, which allows it to have a “stable and growing flow of cash and dividends for its shareholders.”

Bogota mayor-elect Gustavo Petro has said his comments on plans to merge the electricity company with other city- controlled utilities did not cause the decline.

--Editors: Glenn J. Kalinoski, Richard Richtmyer

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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