Colombian Stock Movers: Grupo Nutresa, Pacific Rubiales Energy
Stock Chart for Pacific Rubiales Energy Corp (PRE)
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 1.5 percent to 12,480.09, while the Colcap Index declined 1.1 percent to 1,545.32.
Grupo Nutresa SA (NUTRESA CB), Colombia’s biggest food producer, fell 0.8 percent to 21,480 pesos, the lowest level in three months. Colombia, the second-largest supplier of Arabica coffee beans, trimmed its forecast for production this year by 5.9 percent following rainstorms.
Output will slide to 8 million bags this year from 8.9 million bags last year, an official at Colombia’s National Federation of Coffee Growers, who asked not to be identified in accordance with federation policy, said today by phone. The cut is the second since Nov. 4.
Pacific Rubiales Energy Corp. (PRE) , the Toronto-based oil producer that operates fields in Colombia, fell 3.7 percent to 36,940 pesos, the lowest since March 2010.
A tax agency investigation of the company’s contractors and service providers has caused concern among some investors, said Juan David Pineros, an analyst at Interbolsa SA. Rubiales said Nov. 4 it is in full compliance with disclosure obligations after the agency visited its offices as part of the probe.
Oil dropped for a third day in New York on signs that U.S. lawmakers won’t agree on cutting the budget deficit and amid concern that Europe’s debt crisis will send the region’s economy into a recession.
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