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Monday, May 30, 2011

Colombia Stocks : Canacol Energy, Fabricato, Grupo Nutresa Rise

The following companies had unusual price changes in Bogota trading.

Stock symbols are in parentheses and prices are as of 4 p.m. New York time.

The IGBC Index rose 0.4 percent to 14,388.46, while the Colcap Index rose 0.3 percent to 1,737.87.

Canacol Energy Ltd. (CNE) , the Calgary-based oil company that operates fields in South America, gained 1.8 percent to 2,240 pesos after it announced a partnership with C&C Energia Ltd. for drilling three exploration wells in the second half of the year.

Grupo Nutresa SA (NUTRESA CB), Colombia’s biggest food producer, rose 2.6 percent to 24,860 pesos, a four-month high, after Colombia’s institute of Hydrology, Meteorology and Environmental Studies said the La Nina weather pattern that triggered storms and floods this year has come to an end.

Colombian production dropped 19 percent in April to the lowest level in 15 months because of damage to plants from rainfall last year, the National Federation of Coffee Growers said May 12.

Fabricato SA (FABRI CB), Colombia’s biggest textile maker, rose 4.3 percent to 60.5 pesos, a four-year high.

Colombian Trade Minister Sergio Diaz-Granados said a trade accord with Switzerland entered into force last week and Colombia begins negotiating on a trade pact with Turkey today, one of seven trade agreements he expects to see approved this year, according to daily El Pais.

Diaz-Granados said exports to the U.S. have continued to grow, the daily reported.

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