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Ecopetrol jumped 9.3 percent to a record 2,895 pesos, the biggest gain since Jan. 22
Ecopetrol Advances Most in 3 Months on Oil, Earnings
By Ontheweb: James Attwood Thursday, May 8, 2008(Bloomberg)—Ecopetrol SA, Colombia’s state energy company, rose the most in three months in Bogota trading on speculation that rising oil prices will boost earnings growth.
The company’s shares have doubled in value since trading began in November, spurred by record oil prices and its expansion plans. Crude oil for June delivery rose above $122 a barrel in New York for the first time, extending yesterday’s gain when Colombian markets were closed.
Today’s rise is being driven by ``expectations about higher prices for the second half of this year,’’ Marcela Giraldo, head of equities research at Bogota-based brokerage Corredores Asociados, said by phone.
Ecopetrol probably will report first-quarter earnings this week, Giraldo said.
To contact the reporter on this story: James Attwood in Santiago at
