Davivienda Has Record Intraday Drop on Single Sale: Bogota MoverChristine Jenkins
Banco Davivienda SA, Colombia’s third-biggest bank, tumbled the most on record on an intraday basis after a single $43 million trade this morning.
Shares fell 2.7 percent to 25,100 pesos at the close of trading in Bogota after earlier dropping as much as 7 percent, the biggest decline since they began trading in October 2010. On a closing basis, the stock was the biggest loser on the country’s benchmark Colcap index, which increased 0.1 percent.
An investor sold 3.275 million shares at 24,000 pesos, or a 7 percent discount from yesterday’s close, according to data compiled by Bloomberg. The 78.6 billion peso ($43 million) transaction helped increase trading volume to 19 times the daily three-month average.
“There was a large cross in the morning,” Rupert Stebbings, the head of equity sales at Bancolombia SA’s brokerage, said in an e-mailed response to questions. Traders are a “little nervous when these thing happen in case they have missed something.”