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http://www.businessweek.com/news/2012-03-01/colombian-stock-movers-ecopetrol-avianca-taca-are-active

Bloomberg News

Colombian Stock Movers: Ecopetrol, Avianca Taca Are Active

March 01, 2012

The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:20 a.m. local time.

The IGBC Index (IGBC) gained 0.7 percent to 15,035.62, while the Colcap Index fell 0.1 percent to 1,728.01.

Avianca Taca Holding SA (PFAVTA) (PFAVTA CB), the owner of Colombia’s largest airline, fell 2.1 percent to 4,200 pesos. Aeroperlas, the Panama City-based unit of Avianca Taca, ceased operations in Panama, citing “the need to retool the airline’s business model based on trend analysis and current market conditions,” according to an e-mailed statement yesterday.

The 43-year-old company said it seeks to design a new model of operations in the future, without giving further details. The company said it had 113,222 passengers in 2011, a 2 percent increase from the year before.

Avianca Taca said it will continue other international flights to and from Panama City.

Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, fell 0.8 percent to 5,170 pesos.

Colombia extended into a second day a search for workers kidnapped during development of an oil pipeline near the Venezuelan border. The workers may have been kidnapped by the Ejercito de Liberacion Nacional guerrilla group, according to an army official who can’t be identified because of military policy.

No one has taken responsibility for the kidnapping in the Arauca region, where Ecopetrol is investing in the Bicentennial pipeline.

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

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


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