Colombia Stocks: Almacenes Exito, Canacol Energy, Ecopetrol

The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time.

The IGBC Index gained 0.9 percent to 14,548.36 while the Colcap Index rose 1.1 percent to 1,710.54.

Almacenes Exito SA (EXITO CB), the country’s largest publicly traded retailer, dropped as much as 1.3 percent to 23,100 pesos before erasing its loss and closing unchanged at 23,400 pesos. The Medellin-based company agreed to sell three of its stores in Bogota to Supertiendas y Droguerias Olimpica SA for 1.7 billion pesos ($901,140) as part of a plan to form an alliance with grocery-store operator Caja de Compensacion Familiar Cafam, Exito said in a regulatory filing today.

Canacol Energy Ltd. (CNEC CB) rose the most since Nov. 24, jumping 5.1 percent to 2,985 pesos. The Calgary-based oil company that operates fields in South America said in a filing today that it completed two of the four planned production tests in the Rancho Hermoso 10 well in Colombia. The company said it found that its main producing reservoirs all have oil and that the C7 reservoir has “promising oil bearing sandstone.” The discoveries “generate a very good outlook for the company’s future results,” Bogota-based brokerage Correval SA wrote in a report today.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, advanced 1.5 percent to 3,990 pesos. Finance Minister Juan Carlos Echeverry said in a conference call with investors today that the government plans to raise as much as 10 trillion pesos ($5.3 trillion) in a “gradual” sale of its stake in the state- run oil company to finance infrastructure investment. A 10 percent stake is worth 16 trillion pesos to 17 trillion pesos, more than the government will need for the infrastructure plan, Echeverry said.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.