Colombian Stock Movers: Petrominerales, Canacol Energy
The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:55 p.m. New York time.
The IGBC Index rose 0.2 percent to 13,517.28, while the Colcap Index rose 0.1 percent to 1,636.06.
Canacol Energy Ltd. (CNEC) , the Calgary-based oil company with fields in the South American country, was unchaged at 1,590 pesos after falling as much as 1.3 percent to 1,570 pesos, the lowest intraday since the stock began trading in July 2010.
The company may be hitting new lows because the market is waiting for news about its exploration projects in the Caguan- Putumayo basin, said Juan David Pineros, oil sector analyst for Interbolsa SA, Colombia’s biggest brokerage.
The company plans to release new information about exploration in that basin the first week in October, Carolina Orozco, head of investor relations for the company in Colombia, said by phone from Bogota.
Petrominerales Ltd. (PMGC CB), a Calgary-based oil company with production and exploration in Colombia, rose 1.8 percent to 54,600 pesos. The company said it resumed production at its Corcel and Guatiquia fields in the South American country.
Petrominerlaes said Sept. 12 that production totaling over 30,000 barrels of oil per day had been shut-in on blockades by protesters. The company said today in a Marketwire statement that it expects full capacity to be restored within 48 to 72 hours.
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