Senate Passes Bipartisan Budget Deal Rolling Back $63 Billion in Cuts
Colombian Stocks: AviancaTaca Holding, Valorem, Pacific Rubiales
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) decreased 1.6 percent to 13,213.30 while the Colcap Index fell 1 percent to 1,610.49. The Colcap headed to a quarterly decline of 7.6 percent, which would be the worst return since the quarter ending December 2008.
AviancaTaca Holding SA (PFAVTA) , the owner of the biggest airline in Colombia by passenger miles, gained 0.1 percent to 3,675 pesos. The company had 1.8 million passengers in May, a 10 percent increase from the year before, according to a regulatory filing.
Valorem SA (VALOREM CB), a Bogota-based holding company, rose 1.5 percent to 396 pesos, the highest close since March 2. Valorem gained for a second day after saying investment bank MBA Lazard valued the company at 625.17 pesos per share in a regulatory filing late June 26. Valorem plans to receive stakes in companies including Caracol Television SA, Suppla SA, Biofilm SA, Comunican SA and Inversiones Cromos SAS from its majority shareholder Invernac & Cia., according to the filing.
Oil producers dropped as crude fell to an eight-month low. Prices dropped 3.1 percent in New York. Futures have fallen 25 percent this quarter, heading for the biggest drop since the final three months of 2008.
Petrominerales Ltd. (PMGC) , a Calgary-based oil company that operates in the Andean region, slumped 3.4 percent to 19,420 pesos, bringing the decline this quarter to 42 percent, the worst performance on the Colcap Index. Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, decreased 1.4 percent to 845 pesos. Pacific Rubiales Energy Corp. (PRE) , which operates the country’s largest oil field, fell 4.1 percent to 37,400 pesos. Ecopetrol SA (ECOPETL) , the country’s largest oil company, dropped 1.4 percent to 4,900 pesos.
To contact the reporter on this story: Christine Jenkins in New York at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com