Bloomberg News

Colombian Stock Movers: Bancolombia SA, Ecopetrol SA Advance

January 31, 2012

Jan. 31 (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 0.7 percent to 13,863.33, while the Colcap Index advanced 1.2 percent to 1,633.62.

Bancolombia SA (BCOLO CB), Colombia’s biggest lender, rose 2.9 percent to 27,980 pesos, a three-week high. The bank said it sold 44.4 million shares for 1.2 billion pesos ($663,000), according to a Jan. 27 regulatory filing.

The bank said Jan. 5 it planned to sell as much as 1.66 trillion pesos of shares. Stock that wasn’t sold in Colombia will be offered abroad as level 3 American depositary receipts in a sale handled by UBS Investment Bank, Bank of America, Merrill Lynch and JP Morgan, the filing said.

Investors may be betting the bank is raising funds to be ready to invest in the region in case European banks continue to divest in Latin America, said Juan Camilo Dauder, an analyst at Celfin Capital in Medellin.

“People are thinking the bank could use that cash on an acquisition,” he said.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, rose 0.3 percent to 4,600 pesos. RCN radio said yesterday the company’s profit rose to about 14 trillion pesos in 2011, leading the government to consider postponing a sale of a stake in Ecopetrol. Bogota-based RCN didn’t say where it obtained the information. Ecopetrol said in a statement that fourth-quarter earnings aren’t yet available.

--Editor: Glenn J. Kalinoski

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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