Colombia Stock Movers: BMC, ISA Decline; Grupo Aval Advances
The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. local time.
The IGBC Index fell 0.8 percent to 12,723.22, while the Colcap Index slipped 0.5 percent to 1,571.96.
BMC Bolsa Mercantil de Colombia SA (BMC) , a Bogota-based marketer of agricultural products and services, fell 2.6 percent, the most in three weeks, to 2,630 pesos.
The company plans to close four branches in Medellin, Cali, Barranquilla and Manizales in a restructuring after “fundamental deficiencies” of the company’s previous administration, President Ivan Arroyave said in a regulatory filing yesterday. Arroyave, who was named President last month, said the changes are aimed at generating profits in 2012 after an expected net loss this year, according to the filing.
Grupo Aval Acciones y Valores (AVAL) SA, Banco de Bogota’s parent company, rose 6.1 percent, the most since Sept. 29, to 1,215 pesos.
The shares gained as funds tracking the MSCI Index adjusted their portfolios after the company’s preferred stock was added to the Index yesterday, according to a statement on the Index’s website.
Interconexion Electrica SA (ISA) , a Colombian energy and roadway company, fell 1 percent to 11,700 pesos. The company said it will buy the stake it doesn’t already own in a Chilean company from Cintra Infraestructuras SA.
ISA, as the Colombian company is known, is buying the stake in Intervial Chile SA, which owns highway concessions, according to a statement yesterday on the website of Colombia’s securities regulator. The price will be disclosed when the purchase closes, according to the statement.
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