Colombian Stock Movers: Grupo Odinsa, Mineros SA Increase
The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 2:37 p.m. New York time.
The IGBC Index gained 0.6 percent to 15,463.50, while the Colcap Index added 0.6 percent to 1,840.29.
Grupo Odinsa SA (ODINSA CB), the Bogota-based engineering and construction company, jumped 4 percent to 7,800 pesos, the biggest increase since April 7. The initial public offering of the Colombian construction company Conconcreto S.A. expected this month may have called traders’ attention to Odinsa.
“Odinsa’s move today is probably related to Conconcreto’s IPO,” said David Pelaez, an equity analyst at Medellin-based brokerage Bolsa y Renta SA. “Conconcreto is going to issue at an attractive price and, since Odinsa is also a construction company and is also trading cheap, investors might have started looking at this company.”
Mineros SA (MINEROS CB), Colombia’s largest gold-mining company, jumped 3.1 percent to 8,000 pesos, a record. Gold rose near a record on concern the U.S. economy may need more stimulus, and Europe’s debt crisis will spread, boosting the appeal of the metal as an alternative to holding currency.
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