Bloomberg News

Colombian Stocks: Pacific Rubiales, Exito, Canacol, Ecopetrol

May 17, 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) fell 1.7 percent to 14,293.73, while the Colcap Index (COLCAP) decreased 1.7 percent to 1,707.10.

Pacific Rubiales Energy Corp. (PREC) , which operates Colombia’s largest oil field, dropped 2.1 percent to 45,020 pesos. Bolsa y Renta SA reduced the company’s weight in its recommended portfolio, citing in a research note today “possible corrections in a tenser international environment.” Rubiales still has the biggest weighting in the portfolio.

Almacenes Exito SA (EXITO) , Colombia’s biggest publicly traded retailer, dropped 1.4 percent to 28,700. Exito was dropped from Bolsa y Renta’s portfolio. “The stock already reflects its fundamentals,” analysts led by Mauricio Restrepo wrote in the note.

Oil producers fell as crude for June delivery dropped to the lowest settlement since Nov. 2.

Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, slumped 4.1 percent to 1,170 pesos. Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, fell 2.6 percent to 5,300 pesos.

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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