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 13,189.13, while the Colcap Index gained 0.3 percent to 1,589.30.
Canacol Energy Ltd. (CNEC) , the Calgary-based oil company with fields in South America, fell 1.8 percent to 1,670 pesos, the lowest level since it began trading a year ago.
Canadian stocks fell, led by financial and energy companies, as bank stress tests failed to reassure investors the European debt crisis will be contained and oil futures dropped.
Ecopetrol SA (ECOPETL) , Colombia’s biggest oil company, rose 1.5 percent to 3,630 pesos, after saying it will offer up to 3 trillion pesos ($1.7 billion) worth of shares in an offering to begin July 27.
Chief Executive Officer Javier Gutierrez said the company seeks to sell about a 2 percent stake, less than the 9.9 percent stake allowed by law, according to an interview with the daily Portafolio.
The company plans to sell an additional stake in an offering for foreign investors, Gutierrez told the daily.
“There was a lot of speculation as to the amount of the offering, so Gutierrez has reassured the market,” said Juan David Pineros, an analyst at Interbolsa SA.
“And the offering is much less than the market was expecting.”
Pacific Rubiales Energy Corp. (PREC) , the Toronto-based oil producer that operates fields in Colombia, rose 1.1 percent, the most in two weeks, to 44,000 pesos after the company found indications of oil after drilling at its Torodoi-1X well in eastern Colombia, according to a regulatory filing.
An oil discovery in Rubiales’s Arauca block would help the company diversify production with oil of a different quality and location than the company’s main fields called Rubiales and Quifa in central Colombia, Pineros said in an e-mailed report today.
The IGBC Index rose 0.4 percent to 13,189.13, while the Colcap Index gained 0.3 percent to 1,589.30.
Canacol Energy Ltd. (CNEC) , the Calgary-based oil company with fields in South America, fell 1.8 percent to 1,670 pesos, the lowest level since it began trading a year ago.
Canadian stocks fell, led by financial and energy companies, as bank stress tests failed to reassure investors the European debt crisis will be contained and oil futures dropped.
Ecopetrol SA (ECOPETL) , Colombia’s biggest oil company, rose 1.5 percent to 3,630 pesos, after saying it will offer up to 3 trillion pesos ($1.7 billion) worth of shares in an offering to begin July 27.
Chief Executive Officer Javier Gutierrez said the company seeks to sell about a 2 percent stake, less than the 9.9 percent stake allowed by law, according to an interview with the daily Portafolio.
The company plans to sell an additional stake in an offering for foreign investors, Gutierrez told the daily.
“There was a lot of speculation as to the amount of the offering, so Gutierrez has reassured the market,” said Juan David Pineros, an analyst at Interbolsa SA.
“And the offering is much less than the market was expecting.”
Pacific Rubiales Energy Corp. (PREC) , the Toronto-based oil producer that operates fields in Colombia, rose 1.1 percent, the most in two weeks, to 44,000 pesos after the company found indications of oil after drilling at its Torodoi-1X well in eastern Colombia, according to a regulatory filing.
An oil discovery in Rubiales’s Arauca block would help the company diversify production with oil of a different quality and location than the company’s main fields called Rubiales and Quifa in central Colombia, Pineros said in an e-mailed report today.
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