Bloomberg News

Colombia Stocks: Valorem, Petrominerales, Pacific Rubiales

July 10, 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) decreased 1.1 percent to 13,563.46 while the Colcap Index dropped 0.4 percent to 1,654.13.

Valorem SA (VALOREM) , a Bogota-based holding company, fell 5.3 percent to 355 pesos, trimming recent gains in the stock after a plan to receive assets from its majority shareholder spurred a 26 percent rally June 27. Valorem said in a June 26 filing that it plans to receive stakes in companies including Caracol Television SA and that investment bank MBA Lazard valued Valorem at 625.17 pesos per share.

Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, fell 0.4 percent to 4,970 pesos. Ecopetrol and the nation’s military will increase security for a $4.2 billion pipeline project to avert terrorist sabotage. Colombia aims to avoid delays in construction of the Bicentennial pipeline, Mines and Energy Minister Mauricio Cardenas said in comments distributed in an e-mailed statement.

Other oil companies dropped as crude fell in New York.

Petrominerales Ltd. (PMGC) , a Calgary-based oil company that operates in the Andean region, slid 3.6 percent to 18,140 pesos. Pacific Rubiales Energy Corp. (PRE) , which operates the country’s largest oil field, dropped 3.3 percent to 39,340 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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