Colombia’s Colcap index continued the decline initiated Thursday, though losses were limited to 0.83%. Volume was high at COP276 billion, and more importantly the market’s premiere names such as Pacific Rubiales, Ecopetrol and Bancolombia were in negative territory with 65% of total trading on the market today.
The ride in Colombia markets has been tough so far for Petrominerales as losses has surpassed 10%. The first earnings announcement in Colombia came yesterday and the Canadian oil company showed revenues up 28% in the first half of the year vs. last year, though production was down 10%. Net income increased 34% in the 1st half to US$252.5 million.
The peso weakened to the dollar for the 4th session in a row as it closed today at 1.789.30.