Colombian Stock Movers: Tableros & Maderas, Ecopetrol Advance
The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 4 p.m. local time.
The IGBC Index (IGBC) rose 1.4 percent to 14,932.81, while the Colcap Index gained 1.9 percent to 1,730.46.
Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, advanced to a record on speculation demand for the stock will increase as its weighting in the emerging-markets benchmark rises. The shares gained 4.3 percent to 5,210 pesos, the highest since shares began trading in November 2007.
“Ecopetrol’s weighting is increasing in the MSCI Emerging Markets Index,” said Juan David Pineros, a Medellin-based analyst at Interbolsa SA (INTBOL). “Foreign and institutional funds tracking the index will have to buy more Ecopetrol shares to maintain its weight, generating more demand.”
The company jumped five spots today in the weight ranking of the MSCI index to number 67 of more than 800 developing- market stocks, according to data compiled by Bloomberg.
Tableros & Maderas de Caldas SA (TABLEMA CB) rose 2.9 percent to 10.5 pesos, a one-month high. The wood products maker’s 2011 sales rose 18 percent from a year ago to 109 billion pesos ($61.7 million), according to a regulatory filing. Profit fell 29 percent from a year ago to 7.1 billion pesos.
The company had costs related to construction of a medium- density fiberboard plant, and “once it starts running in May, the company will reflect a higher level of sales, and more stable cost structure,” Interbolsa SA analysts including Jorge Zuniga said in an e-mailed report today. Interbolsa rates the stock a “buy.”
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