Colombia Stocks: ETB, Fabricato Rise; Mineros Declines

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 fell 0.1 percent to 14,443.03, while the Colcap Index declined 0.1 percent to 1,752.74.

Empresa de Telecomunicaciones de Bogota SA (ETB CB), the state-run phone company serving Colombia’s capital, rose 4.6 percent to 707 pesos. Bogota’s mayor’s office will submit as soon as June 10 a proposal that would allow the city to sell part or all of its 86.6 percent stake in the company, Cristina Plazas, who was appointed to handle the proposal, said yesterday.

“The market sees there’s a concrete proposal and that the process for a sale is moving forward,” said Santiago Melo, analyst at brokerage Alianza Valores SA.

Fabricato SA (FABRI CB), Colombia’s biggest textile maker, rose 2.6 percent to 59.5 pesos on speculation of a possible sale of the company and on “increasingly positive news” about a pending trade agreement between Colombia and the U.S., Melo said.

Mineros SA (MINEROS) , Colombia’s largest gold producer, fell the most in six months after gold futures declined as the euro climbed, eroding demand for the precious metal as a haven asset. The stock fell 3.5 percent to 6,330 pesos.

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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