Bloomberg News

Colombian Stocks: Pacific Rubiales Energy, Enka de Colombia

March 15, 2012

The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of the close of trading.

The IGBC Index (IGBC) rose 0.3 percent to 15,214.39, while the Colcap Index fell 0.1 percent to 1,739.08.

Pacific Rubiales Energy Corp. (PRE) , the Toronto-based oil producer that operates fields in Colombia, advanced 1.5 percent to 54,180 pesos. The fourth-quarter results the company reported yesterday validated “our thesis that there is an important upside potential for Pacific Rubiales,” analysts Maria Adelaida Velasquez and Juan David Pineros of brokerage Interbolsa SA said in a research report today.

The company will consider acquisitions in Latin America, Chief Executive Officer Ronald Pantin said today during a conference call.

Enka de Colombia SA (ENKA CB), a Medellin-based synthetic fibers producer, gained 2.7 percent to 9.40 pesos. The company said during a shareholder’s meeting yesterday that it received approval for a power generation plant that may help reduce costs, Angelica Dominguez, a Medellin-based analyst at Bolsa y Renta SA, said in a telephone interview.

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

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


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