Colombian Stocks: ETB Gains; Empresa de Energia, Fabricato Fall
The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:58 a.m. Bogota time.
The IGBC Index (IGBC) fell 0.3 percent to 14,607.48, while the Colcap Index dropped 0.4 percent to 1,708.20.
Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity distributor, fell 0.9 percent to 1,075 pesos.
The company said 2011 consolidated profit dropped 72 percent from a year ago to 305 billion pesos ($172 million). That was 41 percent less than brokerage Bolsa y Renta’s estimate, according to an e-mailed report from analysts including Juan Camilo Martinez.
Empresa de Telecomunicaciones de Bogota SA (ETB CB), the phone company serving Colombia’s capital, rose 0.8 percent to 520 pesos, after earlier gaining as much as 4.7 percent.
Investors may be speculating that Empresa de Energia de Bogota SA is reducing its dividend payment to save money that will be used to subsidize ETB as part of Mayor Gustavo Petro’s plan to create a holding company for the city’s public utilities, said Rupert Stebbings, analyst at Celfin Capital.
Fabricato SA (FABRI) , Colombia’s biggest textile maker, fell 1.1 percent to 89.5 pesos. The company is expected to report that fourth-quarter profit dropped from a year ago on higher cotton prices, Celfin said in an e-mailed report today.
To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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