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Colombia’s Colcap roared back Tuesday after weeks of sub-par performance. The index gained 2.45% on volume of COP220.9 billion.
All but three names were flat or up with Pacific Rubiales leading the way with a gain of 5.91% and nearly 40% of trading volume. 17 other names were up at least 2% today including Ecopetrol, Bancolombia, Cementos Argos, Tablemac and Fabricato.
Colombian statistics agency, DANE, released several reports today highlighting continued growth in Colombia.
- The manufacturing sector grew 4.3% in May (yoy). Production over the past 12 months has increased 4.2% versus the same period last year that saw growth of only 1.1%.
- Retail sales in May grew 11.5% (yoy), while an impressive number, it’s less than the 13.1% growth posted the previous May. The figures are being led by the automotive sector with growth of 46.9%. Liquor, tobacco products and other drinks were the only segments to see negative growth.
- Hotel revenues in May grew 7.5% (yoy) and occupancy rates increased to 50.2%. The majority of stays are still business related for both residents and non-residents of the country.
The Peso was relatively flat today and closed at 1,757.25.
Author Michael Sutton is head of International Trading at Bolsa y Renta.
