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Colombian Stocks: Petrominerales, Inversiones Argos, Ecopetrol

June 19 (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 rose 0.8 percent to 13,995.65, while the Colcap Index increased 1.6 percent to 1,676.53. Colombian markets were closed yesterday for a holiday.

Inversiones Argos SA (INVARGOS CB), the majority shareholder of Cementos Argos, increased 2.6 percent to 15,800 pesos. The spread between the company’s share price and the market valuation of its investment portfolio “suggests that there is an opportunity to buy the stock as there is currently a big discount being offered by the market,” Interbolsa SA analysts Jorge E. Zuñiga and Alejandro Isaza wrote in a report.

Petrominerales Ltd. (PMGC CB), a Calgary-based oil company that operates in the Andean region, jumped 3.9 percent to 21,820 pesos. The Canadian-traded shares rose 3.5 percent yesterday after the company said in a statement it found oil in its Guala-1 well and provided a production update on Bromelia on Block 25. The increase yesterday “reflects both the positive news on the Guala-1 discovery and the favorable new log analysis for Bromelia-1,” Raymond James Ltd. analysts Rafi Khouri, Ana Wessel and Cynthia Yee wrote in a report today.

Ecopetrol SA (ECOPETL CB), the country’s largest oil company, increased 2.5 percent to 5,420 pesos as crude advanced in New York.

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

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

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