Bloomberg News

Colombian Stock Movers: Ecopetrol, Pacific Rubiales, Canacol

February 17, 2012

Feb. 17 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:14 a.m. local time.

The IGBC Index gained 0.4 percent to 14,578.32, while the Colcap Index rose 0.2 percent to 1,708.61

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, rose 0.4 percent to 4,990 pesos, the highest since November 2007.

Fourth-quarter profit jumped 64 percent from a year ago to 4.4 trillion pesos ($2.47 billion), as crude production climbed, the company said Feb. 15. Profit exceeded the 4.36 trillion pesos average estimate of five analysts surveyed by Bloomberg.

If Ecopetrol decides to maintain its current dividend policy in a shareholder meeting next month it would have one of the highest payments by a Colombian company in 2012, Samuel David Garcia, an analyst at Valores Bancolombia, said in an e- mailed statement today.

Oil companies gained after Colombia’s exports rose 43 percent to $5.5 billion in December from the same month a year before, driven “fundamentally” by 63 percent growth of sales of oil and its derivatives, the national statistics agency reported on its Web site after the market closed yesterday.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in Colombia, gained 2.2 percent to 1,630 pesos.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, climbed 0.8 percent to 48,900 pesos.

--Editors: Richard Richtmyer, 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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