Bloomberg News

Colombian Stocks: Canacol, Cementos Argos, Pacific Rubiales

May 30, 2012

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

The IGBC Index (IGBC) dropped 1.7 percent to 14,395.27, while the Colcap Index (COLCAP) decreased 1.1 percent to 1,693.06.

Cementos Argos SA (CEMARGOS) , the country’s biggest cement maker, dropped 1.8 percent to 11,200 pesos, the lowest since April 13. The company will suspend trading of its shares for six trading days beginning tomorrow as part of a plan announced last year to transfer assets to Inversiones Argos SA, according to a regulatory filing on May 16. Today’s decline “reflects the effect from some investors looking to leave their positions ahead of the stock’s suspension,” said Santiago Avila, an analyst at Asesores en Valores SA, in a phone interview.

Other oil producers fell as crude tumbled to a seven-month low in New York.

Pacific Rubiales Energy Corp. (PREC) , which operates Colombia’s largest oil field, slumped 3.7 percent to 47,360 pesos. Canacol Energy Ltd. (CNE) , the Calgary-based oil company that operates fields in Colombia, dropped 2.9 percent to 1,165 pesos. Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, fell 1.7 percent to 5,340 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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