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Colombia's Ecopetrol boosted by oil discovery

Thursday, March 21, 2013

Colombia’s state-controlled oil company, rose from an eight-month low after the company announced an oil find in the central part of the country, its first solo discovery of the year.

Ecopetrol was the most actively traded stock by value today on Colombia’s Colcap index, which was little changed.

While the find won’t significantly increase reserves, “any find is good,” Rupert Stebbings, the head of equity sales at Bancolombia SA’s brokerage, said in a telephone interview.

Source: Bloomberg