Bloomberg News

Colombian Stocks: Pacific Rubiales, Petrominerales, Ecopetrol

June 01, 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 3.1 percent to 14,130.05, while the Colcap Index (COLCAP) fell 2.7 percent to 1,680.44.

Petrominerales Ltd. (PMG) , a Calgary-based oil company that operates in the Andean region, slumped 6.3 percent to 22,800 pesos. It expects to issue convertible bonds on or around June 12 with a conversion price of $18.0017, according to a statement today. The $400 million offering is subject to approval by the Toronto Stock Exchange. The company said in a statement yesterday that it invited offshore investors to sell their existing debt.

“Any kind of financing uncertainty is going to put pressure on stocks in the current market,” Nathan Piper, an analyst at Royal Bank of Canada, said in a telephone interview from Edinburgh. “It just gives people another reason to worry.”

Other oil producers dropped as crude fell to its lowest level in almost eight months. Crude futures for July delivery declined $3.30 to $83.23 a barrel in New York, the lowest settlement since Oct. 7.

Pacific Rubiales Energy Corp. (PREC) , which operates Colombia’s largest oil field, decreased 6.7 percent to 44,400 pesos. Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, dropped 2 percent to 5,340 pesos. Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, fell 1.3 percent to 1,150 pesos.

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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