The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 12:24 p.m. local time.
The IGBC Index (IGBC) was little changed at 12,661.29, while the Colcap Index gained 0.5 percent to 1,551.3.
Empresa de Energia de Bogota SA (EEB) , Colombia’s second-biggest electricity distributor, sank for a third day after Bogota’s mayor-elect Gustavo Petro told the daily El Tiempo he plans a merger with other public companies including Empresa de Telecomunicaciones de Bogota SA.
Colombia’s securities regulator suspended trading of the shares for three business days as a preventive measure to protect investors, “taking into account the behavior that the shares have had in recent days,” according to an e-mailed statement.
Petro said today on Twitter that he had already revealed the plan during his campaign and that his comments didn’t spark the declines.
EEB, as the city-controlled company is known, fell 3.7 percent to 1,050 pesos before trading was halted. The shares have fallen 17 percent in three days.
Empresa de Telecomunicaciones de Bogota SA (ETB) , the city-run phone company serving Colombia’s capital, gained 4.7 percent to 450 pesos. Investors are reacting positively to Petro’s merger plan after the initial “panic” has subsided.
“ETB is seeking a strategic partner and clearly the arrival of a partner like EEB is positive because they have cash flow that ETB doesn’t have,” said Santiago Melo, analyst at Alianza Valores, “ETB is the big winner in this.”
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