Davivienda Posts Record Decline on a Single Trade: Bogota Mover
Banco Davivienda SA, Colombia’s third-biggest bank, tumbled the most on record after a single $43 million trade this morning.
Shares fell 2.7 percent to 25,100 pesos as of 3:03 p.m. in Bogota after earlier dropping as much as 7 percent, the biggest intraday decline since they began trading in October 2010. The stock was the biggest loser on the country’s benchmark Colcap index, which increased 0.1 percent.
An investor sold 3.275 million shares at 24,000 pesos, or a 7 percent discount from yesterday’s close, according to data compiled by Bloomberg. The 78.6 billion peso ($43 million) transaction helped increase trading volume to 18.6 times the daily three-month average.
“There was a large cross in the morning,” Rupert Stebbings, the head of equity sales at Bancolombia SA’s brokerage, said in an e-mailed response to questions. Traders are a “little nervous when these thing happen in case they have missed something.”
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