Colombia’s Colcap index edged up 0.52% on heavy trading of COP277.6 billion. The gains were largely the result of a strong day from Pacific Rubiales who gained 4.96% and commanded 61% of trading volume in the local market.
Exito announced very strong 2nd quarter results beating expectations. Revenues were up 21% over the same quarter last year, while operating expenses increased at a slower pace. Net income nearly doubled to COP65.6 billion in the quarter as net income margin increased from 1.9% to 3.1% for the country’s largest retailer.
Fabricato, this year’s far and away leader market leader released its results and showed an increase in revenues of 16.7% to COP$156.4 billion over the same quarter last year. Additionally, they announced Dr. Juan Carlos Cadavid Gomez will take over as President of the company on August 1 following the retirement of existing President, Oscar Zuluaga.
The Peso closed 0.27% stronger to 1,758.70.
Author Michael Sutton is head of International Trading at Bolsa y Renta.