Colombian Stock Movers: Conconcreto, Isagen, Pacific Rubiales
Stock Chart for Constructora Conconcreto SA (CONCONC)
The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:00 a.m. local time.
The IGBC Index rose 1.2 percent to 13,220.63 while the Colcap Index rose 0.7 percent to 1,607.34.
Conconcreto SA (CONCONC CB), a Colombian construction company, rose 6.3 percent to 1,530 pesos, after earlier gaining as much as 7.3 percent, the biggest intraday advance since December. Investors may be betting the company will benefit from the government’s infrastructure plan, said Jairo Agudelo, an analyst at Celfin Capital.
The government seeks to double the roadways currently under concessions by 2014 by adding 5,000 kilometers in coming months that will require public and private investment totaling 40 trillion pesos ($21 billion), Luis Fernando Andrade, head of the government’s concessions institute, said in a Sept. 28 statement on the institute’s website.
Isagen SA (ISAGEN CB), a Colombian energy company, rose 0.9 percent to 2,225 pesos. The company said it reached an agreement for the Inter-American Development Bank to provide $2.7 million to help fund a plan to build the country’s first geothermal plant, according to a regulatory filing today.
Pacific Rubiales Energy Corp. (PREC) , the Toronto-based oil producer that operates fields in Colombia, rose 3.4 percent to 43,480 pesos. The company signed a letter of intent with Les Etablissements Maurel & Prom SA for a 50 percent participation in the Block 116 contract in northeastern Peru, according to a regulatory filing.
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