Colombian Stocks: Ecopetrol, ISA, Pacific Rubiales Were Active
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 2.7 percent to 13,081.10 while the Colcap Index slid 2.4 percent to 1,593.97.
Interconexion Electrica SA (ISA CB), an energy and road company, fell 2 percent to 10,980 pesos. ISA said yesterday that it sent workers to repair a damaged energy tower in the eastern province of Arauca, close to the border with Venezuela, according to a statement on the company’s website. The damage was caused by an attack by rebels, the army said.
Pacific Rubiales Energy Corp. (PRE) , which operates the country’s largest oil field, fell 3.1 percent to 37,000 pesos. “As a result of the delays to permitting, we expect average production in 2012 to be below management expectations,” CIBC World Markets Inc. analyst Ian Macqueen wrote in an e-mailed report yesterday. Pacific Rubiales “has underperformed of late and could continue to do so until permits are granted.”
Colombia is speeding up environmental permitting for oil companies, Orlando Cabrales, president of the state-run oil regulator, said on June 19. Fields awaiting permits include Rubiales, the nation’s largest, he said.
Other oil producers dropped as crude fell below $80 a barrel for a third day in New York.
Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, dropped 3.5 percent to 820 pesos, the lowest close on record. Ecopetrol SA (ECOPETL) , the country’s largest oil company, slumped 4.5 percent to 4,850 pesos, the lowest close since Feb. 15. Petrominerales Ltd. (PMG) , a Calgary-based oil company that operates in the Andean region, decreased 1.4 percent to 19,800 pesos, the lowest close on record.
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