The Colombian Colcap index dropped 1.56% Tuesday, in line with the world as every major index was down as well as every major commodity.
Japan carried the headlines and likely caused a percentage of the selling as the nuclear disaster was raised to the same level as Chernobyl, and two more 6.0+ quakes shook the country.
Only three of the lighter traded companies on the Colombian Exchange had positive days as the heavyweights led the way down. Canacol, Bancolombia, Pacific Rubiales, and Ecopetrol all lost more than 2.0% on the day with Canacol winning the race to the bottom and shedding 5.58%. Volume on the market was roughly the same as Monday, USD $75 million.
The S&P500 had a reasonable day all things considered as it was down 0.78%, whereas the majority of European and Asian indices were down more than 1%. The Brasilian BOVESPA also had heavy losses to the tune of 1.86%, leaving them further in negative territory on the year. In major economic news, the trade deficit in the U.S. was reduced 2.6% in February and inflation in the U.K. inceased in March to a 4% annualized rate.
The peso gave a little back to the dollar today as it closed at 1,820.20, appreciation year to date is 5.13%.
In addition to Japan, oil was a major factor in today’s market as it declined 3.35% to $106.24/barrel. As previously mentioned, every major commodity had losses including gold which lost 1.04% bringing it near $1,450 an ounce. Wheat took the largest hit in markets as it lost 4.85%.
