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Colombian Stocks: Exito, Pacific Rubiales and Petrominerales

June 21 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of the market close.

The IGBC Index dropped 3 percent to 13,552.38, the largest decline since June 1, while the Colcap Index decreased 2.8 percent to 1,638.93.

Almacenes Exito SA (EXITO CB), the largest publicly traded retailer in Colombia, fell 2 percent to 28,300 pesos. Retail sales dropped 2.8 percent in April from a year earlier, the first year-on-year reduction since September 2009, the national statistics agency said yesterday. The reading was worse than all of the forecasts compiled by Bloomberg.

AviancaTaca Holding SA (PFAVTA CB), the owner of the biggest airline in Colombia by passenger miles, gained 0.5 percent to 3,700 pesos. The stock “continues to be an attractive investment opportunity, given that the current market price does not recognize the good fundamentals of AviancaTaca,” Interbolsa SA analysts Juan Felipe Mejia and Jorge E. Zuniga wrote in an e-mailed report today. Interbolsa maintained a buy rating and lowered its target price to 6,680 pesos per share from 6,710 pesos.

Oil producers dropped as oil in New York tumbled below $80 a barrel and Brent crude fell under $90 as reports signaling a global economic slowdown added to concern that demand will slow amid rising supplies.

Petrominerales Ltd. (PMGC CB), a Calgary-based oil company that operates in the Andean region, slumped 5.6 percent to 20,220 pesos. Pacific Rubiales Energy Corp. (PREC CB), which operates the country’s largest oil field, fell 3.6 percent to 38,580 pesos. Canacol Energy Ltd. (CNEC CB), a Calgary-based oil company that operates fields in Colombia, dropped 6.4 percent to 853 pesos. Ecopetrol SA (ECOPETL CB), the country’s largest oil company, decreased 4.2 percent to 5,230 pesos.

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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