Colombian Stock Movers: Inversiones Argos, Empresa de Energia
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 rose 1.5 percent to 13,884.17, while the Colcap Index gained 1.5 percent to 1,684.37.
Inversiones Argos SA (INVARGOS) , the owner of Colombia’s biggest cement company, rose 1.8 percent to 18,400 pesos, the highest since Aug. 3. The company was rated “buy” with a 2012 year-end target price of 26,000 pesos as Interbolsa SA reinitiated coverage of the stock.
Inversiones Argos’s increased participation in companies including Cia. Colombiana de Inversiones SA (COLINV CB), a Colombian electricity holding company, has made Argos “very appealing” for investors seeking exposure to Colombia, according to an e-mailed report by Interbolsa analysts including Jorge Zuniga.
Cementos Argos SA (CEMARGOS) , Colombia’s biggest cement maker, rose 1.1 percent to 11,320 pesos. Colombia granted building permits for 1.8 million square meters of construction in July, a 23.5 percent increase from a year ago, according to the website of the country’s national statistics agency.
Empresa de Energia de Bogota SA (EEB) , Colombia’s second-biggest electricity distributor, rose 2.9 percent to 1,420 pesos, a one-month high. Colombia’s ministry of environment, housing and development lifted preventive measures which had suspended development of the Quimbo hydroelectric project by a subsidiary of EEB, according to a regulatory filing yesterday.
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