At the risk of sounding like a broken record, Colombia’s Colcap index was punished Monday, though not as bad as the US. The local index dropped 3.31%, about half of the depths the S&P500 fell in trading today.
There were only a couple exceptions to the bloodshed, while Pacific Rubiales and Tablemac took the punishment particularly bad as losses mounted to 8.42% and 8.53%, respectively. Trading volume increased again as it reached COP$296.6 billion.
Cementos Argos showed healthy earnings in the 2nd quarter as revenues increased 9.6%, led by a 21% increase in Colombia and a 41.6% increase in the Caribbean region. Net income during the quarter was COP357 billion, though they benefitted from selling COP574 billion worth of Gruposura stock which
was used for the acquisition of Lafarge assets in the United States.
The Consumer Price Index figures from July revealed that inflation continues to rise as it increased 0.14% during the month. For the trailing twelve months inflation stands at 3.42%, still within the Banca de la Republica’s expectations, but pushing toward the higher end. Produce, health expenses and housing were the primary drivers of inflation during July.
Exports in June rose 54% year over year, in line with figures so far this year as the first 6 months have shown an increase of 55.3%. Petrol has made up the bulk of the increase, especially in June as it rose 97.3% and traditional exports made up $3.26 billion of the $4.71 billion exported.
New car sales rose 27.3% yoy in July to 26,799 units. The first seven months have shown an increase of 44.4% as a strong economy, low rates, and declining unemployment has combined to drive sales higher.
The Peso was significantly weaker by nearly 1.50% to finish at 1,815.50. COP941.6 billion was traded in the USD/COP market today.