The Colcap index performed well again today increasing 1.17% on the back of Pacific Rubiales who gained 6.91% today after reporting an end to the stikes and vandalism by workers at their Rubiales field. Volume in the market was well above average at COP$288.4 billion.
Ecopetrol’s results received mixed reaction today as the stock was essentially flat. Production in the 2nd quarter was up 22.3%, revenues up 51.3%, and net income up 89.2% to COP$ 3.41 billion.
Bancolombia’s recent quarterly results showed net income up 30.9% (yoy). Interest income increased 14%, while net provisions were down significantly by 62.2% helping raise net income for the quarter.
New construction permits were up 127.6% in May (yoy) as more than 3 million square meters of space was licensed. Housing was the primary driver of this growth as it increased 146.2% in May. Office building permits increased 183% as 154,531 square meters were approved for construction.
The Peso was relatively unchanged as it closed at 1,754.00.
Author Michael Sutton is head of International Trading at Bolsa y Renta.