Colombian Stock Movers: Cementos Argos, Pacific Rubiales Energy
The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:41 a.m. local time.
The IGBC Index (IGBC) rose 2.8 percent to 12,506.43, while the Colcap Index gained 2.4 percent to 1,517.99.
Cementos Argos (CEMARGOS) , Colombia’s biggest cement maker, rose 2.8 percent to 9,970 pesos. Shareholders of parent company Inversiones Argos SA approved a spinoff by its Cementos Argos unit of assets that aren’t related to cement production, according to a regulatory filing Nov. 25.
Pacific Rubiales Energy Corp. (PRE) , the Toronto-based oil producer that operates fields in Colombia, rose 5.4 percent, the most in two weeks, to 38,980 pesos. Recent upgrades in credit ratings are a sign of the company’s “growing financial solidity,” Ronald Pantin, the company’s chief executive officer, said in a regulatory filing today.
Moody’s Investors Service upgraded Rubiales’s Corporate Family Rating to Ba2 from Ba3 in a Nov. 21 statement, citing progress in growing production and prospects for strong cash flow from its heavy oil output.
Fitch Ratings upgraded Rubiales’s foreign and local currency issuer default ratings from BB to BB- on the company’s “proven track record of increasing production while maintaining adequate reserve replacement ratios,” according to a Nov. 3 statement.
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