Bloomberg News

Colombia Stocks: Petrominerales, Canacol Energy Were Active

July 16, 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 0.6 percent to 13,576.91 while the Colcap Index decreased 0.2 percent to 1,655.10.

Petrominerales Ltd. (PMGC) , a Calgary-based oil company that operates in the Andean region, fell 3.4 percent to 17,300 pesos. It dropped as much as 3.8 percent after saying protests that began in April had forced the suspension of some exploration and output. “There’s a lot of focus on Petrominerales to get positive exploration results,” Juliana Aguilar, an analyst Bolsa y Renta in Medellin, said in a phone interview. “Having to suspend those operations obviously has a negative effect.”

Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, rose 4.6 percent to 790 pesos. The stock may have gained on speculation the company will be acquired, Justin Anderson, an analyst at Salman Partners, said in a telephone interview. “Canacol has a very solid set of assets and it’s got some funding issues,” he said. “That typically will make it more interesting for other companies to acquire.” Chief Executive Officer Charle Gamba, speaking in a telephone interview, declined to comment on takeover possibilities.

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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