Bloomberg News

Colombian Stocks: Cementos Argos, Helm Bank, Pacific Rubiales

May 29, 2012

The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of 2:09 p.m. local time.

The IGBC Index (IGBC) rose 1.3 percent to 14,629.61, while the Colcap Index (COLCAP) increased 0.8 percent to 1,714.71.

Cementos Argos SA (CEMARGOS) , the country’s biggest cement maker, fell 0.7 percent to 11,520 pesos. Colombia’s gray-cement production retreated 0.1 percent in April from a year ago, according to an e-mailed statement yesterday by the national statistics agency.

Helm Bank SA (PFBHELMB) , a Colombian lender, slumped 3.8 percent to 500 pesos on takeover delay concern. “Investors are seeing that the sale could take more time than they expected and may be losing interest in speculating,” said Felipe Toro, an analyst at Interbolsa SA. Helm Corp., the holding company that controls Bogota-based Helm Bank, said April 17 that it would open an information center for companies looking to acquire a stake in the lender.

Pacific Rubiales Energy Corp. (PREC) , which operates Colombia’s largest oil field, gained 1.5 percent to 49,220 pesos. It rallied after agreeing to purchase 85.7 million units of CGX Energy Inc. (OYL) to increase its stake in the oil explorer in Guyana to 35 percent. “This is a good deal for Rubiales,” said Rupert Stebbings, Colombia managing director at Celfin Capital, in an e-mail. “It is a solid portfolio move and another investment outside of their Colombian base with money they have at their disposal.”

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

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


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