Bloomberg News

Colombia Stock Movers: Bancolombia, Pacific Rubiales Energy

May 11, 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 0.2 percent to 15,017.55, while the Colcap Index (COLCAP) decreased 0.2 percent to 1,775.80.

Bancolombia SA (BCOLO) slumped 2.5 percent to 28,700 pesos. Colombia’s biggest lender fell for a second day after reporting consolidated first-quarter net income of 445.6 billion pesos ($252.5 million), trailing the 448.3 billion pesos average forecast of four analysts in a Bloomberg survey. Profit rose 27 percent from a year earlier.

Pacific Rubiales Energy Corp. (PRE) , which operates Colombia’s largest oil field, gained 0.9 percent to 49,800 pesos, rebounding from a 1.4 percent drop yesterday after it reported first-quarter earnings.

In a note to clients today, BTG Pactual analysts led by Gustavo Gattass called the quarterly results “not so good at first glance, but solid in the details.”

What appeared at first as “a weak operational result” was driven by a higher inventory buildup than expected, the analysts wrote. “Adjusting for these delayed sales volumes, we’d see an operational performance that exceeded our expectations.”

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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