Colombian Stock Movers: Avianca Taca Holding, Isagen Were Active

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 (IGBC) gained 1.6 percent to 15,169.74, while the Colcap Index rose 0.6 percent to 1,740.64.

Avianca Taca Holding SA (PFAVTA) (PFAVTA CB), the owner of Colombia’s largest airline, fell 1.4 percent to 4,230 pesos. Aeroperlas, the Panama City-based unit of Avianca Taca, ceased operations in Panama, citing “the need to retool the airline’s business model based on trend analysis and current market conditions,” according to an e-mailed statement yesterday.

The 43-year-old company said it seeks to design a new model of operations in the future, without giving further details. The company said it had 113,222 passengers in 2011, a 2 percent increase from the year before.

Avianca Taca said it will continue other international flights to and from Panama City.

Isagen SA (ISAGEN) , a Colombian energy company, gained for a second day, rising 1.5 percent to 2,320 pesos.

“We emphasize the company’s good results and cash generation,” analysts from Medellin-based brokerage Bolsa y Renta, including Juan Camilo Martinez, said in an e-mailed report yesterday. The brokerage maintained its “buy” recommendation and year-end target price of 3,000 pesos.

The company said its 2011 profit rose 17 percent from the year before to 479.1 billion pesos ($271 million), according to a Feb. 27 regulatory filing. Four analysts surveyed by Bloomberg had an average forecast of 425.1 billion pesos.

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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