Colombia market update – July 19

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.

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