Bloomberg News

Colombian Stocks: Pacific Rubiales, Bancolombia, Cementos Argos

May 10, 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) dropped 0.8 percent to 15,051.50, while the Colcap Index (COLCAP) decreased 0.8 percent to 1,779.53.

Pacific Rubiales Energy Corp. (PRE) , which operates Colombia’s largest oil field, dropped 1.4 percent to 49,380 pesos. It posted profit of $258.3 million in the first quarter, compared with a loss of $69.6 million in the same period a year earlier. “Investors may be disappointed,” wrote J. Frederick Kozak, an analyst at Canaccord Genuity, in an e-mailed report. “Rubiales’s field did not perform quite as expected.”

Bancolombia SA (BCOLO) , Colombia’s largest lender, slumped 3 percent to 29,440 pesos, the largest drop since Jan. 6 on a closing basis. The company reported consolidated first- quarter net income of 445.6 billion pesos ($252.8 million), trailing the 448.3 billion pesos average forecast of four analysts in a Bloomberg survey. Profit rose 27 percent from a year earlier.

Cementos Argos SA (CEMARGOS) , the country’s biggest cement maker, rose 1.5 percent to 12,080 pesos. Cementos Argos plans to invest between $150 million and $170 million in improving its plants, Bogota-based newspaper Portafolio reported, citing an interview with company President Jorge Mario Velasquez.

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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