Colombia extended the bid-submission deadline for the first projects in its 47 trillion peso ($23 billion) road-building program, after builders struggled to line up financial backers.
Avianca Holdings SA dropped the most since November after Venezuela devalued its currency for airlines, eroding the value of new sales in the country.
Avianca Holdings SA rebounded to its $15 initial public offering price in New York after the Colombian airline reported a third-quarter profit that more than doubled from last year.
Trading in a market created to combine stocks from Colombia, Chile and Peru is languishing as transactions in the first four months totaled $2.9 million, or the equivalent of about 20 seconds of average volume in Brazil.
Celfin Capital SA, a Santiago-based brokerage, named Rupert Stebbings managing director of its new Colombia unit.
Petrominerales Ltd. shares posted a record gain and Pacific Rubiales Energy Corp. dropped in Bogota as the two Colombian crude producers were put on trading halt in Toronto pending news.
BP Plc , seeking to raise funds to pay compensation for the Gulf of Mexico oil spill, agreed to sell fields in Colombia to Ecopetrol SA and Talisman Energy Inc. for $1.9 billion in cash.
Colombia’s central bank kept its benchmark interest rate unchanged at a record low for a third month as policy makers bet that a rebound in economic growth is unlikely to spur excessive inflation.
Torrential rains and flooding in Colombia will boost food prices as farmers struggle to harvest crops and transport their produce, Agriculture Minister Juan Camilo Restrepo said today.
Petrominerales Ltd.’s debt load and 50 percent stock drop has created a bargain for energy companies looking to acquire assets in South America’s third-biggest oil producing country.
"The results were very good."
- Rupert Stebbings on Nov 15, 2013