Colombian Stock Movers: Pacific Rubiales, Inversiones Argos
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 (IGBC) fell 0.7 percent to 14,784.44, while the Colcap Index gained 0.5 percent to 1,713.25.
Pacific Rubiales Energy Corp. (PRE) , the Toronto-based oil producer that operates fields in Colombia, fell 4 percent to 50,180 pesos.
RBC Capital Markets cut its price target for Rubiales’s Canadian shares to C$38 from C$39, citing factors including exposure to Colombian security risks, sensitivity to fluctuations in oil prices and political risks related to a possible change in the country’s fiscal regime, according to an e-mailed report today.
Inversiones Argos SA (INVARGOS) , the owner of Colombia’s biggest cement company, gained 6.2 percent, the most in a year, to 16,560 pesos.
Investors may be speculating that Colombia’s securities regulator will give final approval in coming days for a spinoff in which the company will absorb assets of its Cementos Argos unit, after the board announced a plan in October to do so, said Jorge Zuniga, an analyst at Interbolsa SA.
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