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Colombian Stock Movers: Canacol Energy, Ecopetrol 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 fell 0.8 percent to 15,169.35, while the Colcap Index dropped 0.4 percent to 1,740.55.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in Colombia, fell 0.9 percent to 1,710 pesos after earlier rising as much as 3.2 percent. Operations at the Capella field haven’t advanced at the rate Canacol wanted and drilling of exploration wells in the adjacent blocks has fallen behind schedule, said analysts Maria Adelaida Velasquez and Juan David Pineros at Colombia’s largest brokerage Interbolsa SA in a research report today.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, was unchanged at 5,300 pesos after earlier gaining as much as 2.1 percent. Ecopetrol expects to meet production targets this year as the government tightens security after an increase in guerrilla sabotage, Chief Executive Officer Javier Gutierrez said yesterday in an interview. Gutierrez’s comments on the company’s production contributed to Ecopetrol’s increase earlier today, Nicolas Bernal, an analyst at brokerage Ultrabursatiles SA, said in a telephone interview.

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