Colombian Stocks: Bolsa de Valores, Cementos Argos, Ecopetrol
The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of the close of trading.
The IGBC Index (IGBC) fell 0.4 percent to 13,884.36, while the Colcap Index dropped 0.9 percent to 1,649.50.
Cementos Argos SA (CEMARGOS) , the country’s biggest cement maker, advanced 2.3 percent to 6,600 pesos, pushing its weekly gain to 9.1 percent. The company’s shares started trading on June 8 after a six-day suspension as part of a plan announced last year to spin off assets not related to cement production to Inversiones Argos SA. (INVARGOS) “The market has reacted positively to the more straightforward stock after the spin-off,” said Carlos Eduardo Gonzalez, a Medellin-based analyst at brokerage Bolsa y Renta. “It allows investors a clearer bet on the sector.”
Ecopetrol SA (ECOPETL) , the country’s largest oil company, increased 1.3 percent to 5,290 pesos. Colombia’s government will send legislation to Congress this year that would allow for the sale of a stake in the state-run company, although officials aren’t in a rush to do so, Finance Minister Juan Carlos Echeverry told reporters yesterday in Bogota.
Separately, Mines and Energy Minister Mauricio Cardenas told reporters in Bogota yesterday that a Colombian regulatory ruling won’t delay plans by Ecopetrol to complete a pipeline project this year.
Bolsa de Valores de Colombia SA (BVC CB), the operator of the country’s main stock exchange, increased 2 percent to 29.90 pesos. Colombia’s bourse is expecting two “smaller-sized” equity sales from local companies some time this year, as well as a possible listing by a foreign company, Juan Pablo Cordoba, president of Bolsa de Valores de Colombia (BVC), said in an interview yesterday at his office in Bogota.
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