Bloomberg News

Colombian Stock Movers: Ecopetrol, Canacol Energy Increase

January 31, 2012

Jan. 31 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:04 a.m. local time.

The IGBC Index gained 0.4 percent to 13,816.12, while the Colcap Index advanced 0.2 percent to 1,617.01.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in Colombia, gained 0.3 percent to 1,630 pesos. Interbolsa SA, Colombia’s biggest brokerage, changed its recommendation from “hold” to “speculative buy” after the stock fell 55 percent in 2011, the worst performance on Colombia’s IGBC benchmark index. Interbolsa set a year-end target price of 2,138 pesos, according to an e-mailed report today by analyst Juan David Pineros.

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 ($7.8 billion) 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.

--Editors: Glenn Kalinoski, Brendan Walsh

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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