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Colombian Stock Movers: Bancolombia and Avianca Taca Holding

March 12 (Bloomberg) -- 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 fell 0.1 percent to 15,029.99, while the Colcap Index declined 0.3 percent to 1,718.86.

Bancolombia SA (BCOLO CB), Colombia’s biggest lender, dropped 0.5 percent to 27,700 pesos. Banco BTG Pactual SA analysts led by Alonso Aramburu cut their 2012 earnings-per-share estimates after the company’s recent equity offering, according to a research note dated March 9.

Avianca Taca Holding SA (PFAVTA CB), the owner of Colombia’s biggest airline, gained 1.3 percent to 4,305 pesos. Avianca Taca rose for a third day after the company proposed what would be its first dividend payment.

“It’s a small yield but more important than the amount is that the company is affirming that it already has the capacity to distribute dividends,” said Santiago Melo, an analyst at Alianza Valores SA. “Investors weren’t expecting it.”

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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