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Colombian Stock Movers: Inversiones Argos, Empresa de Energia

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Sept. 16 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time.

The IGBC Index rose 1.5 percent to 13,884.17, while the Colcap Index gained 1.5 percent to 1,684.37.

Inversiones Argos SA (INVARGOS CB), the owner of Colombia’s biggest cement company, rose 1.8 percent to 18,400 pesos, the highest since Aug. 3. The company was rated “buy” with a 2012 year-end target price of 26,000 pesos as Interbolsa SA reinitiated coverage of the stock.

Inversiones Argos’s increased participation in companies including Cia. Colombiana de Inversiones SA (COLINV CB), a Colombian electricity holding company, has made Argos “very appealing” for investors seeking exposure to Colombia, according to an e-mailed report by Interbolsa analysts including Jorge Zuniga.

Cementos Argos SA (CEMARGOS CB), Colombia’s biggest cement maker, rose 1.1 percent to 11,320 pesos. Colombia granted building permits for 1.8 million square meters of construction in July, a 23.5 percent increase from a year ago, according to the website of the country’s national statistics agency.

Empresa de Energia de Bogota SA (EEB CB), Colombia’s second-biggest electricity distributor, rose 2.9 percent to 1,420 pesos, a one-month high. Colombia’s ministry of environment, housing and development lifted preventive measures which had suspended development of the Quimbo hydroelectric project by a subsidiary of EEB, according to a regulatory filing yesterday.

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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