The Colcap index bounced back strongly from yesterday’s loss and gained 1.13% on volume of COP$183 billion. Top market performer today were of the smaller and lesser known variety, but did well nonetheless. Canacol, Exito and Colinversiones led the way, the latter reported results today showing revenues down 23.4% and EBITDA down 12.4%, yet the stock picked up 3.89% as financials weren’t as bad as expected.
Cementos Argos reported better than expected earnings as revenues rose 9.6% over the same period last year. Operating income registered COP$89 billion, though net income was COP357 billion due to continued sales of their Gruposura holdings. 16 million shares were sold to Inverargos during the quarter in an effort to both raise capital for their purchase of several Lafarge assets, and to move non-core holdings to Inverargos.
The peso again closed weaker to the dollar and finished the session at 1,773.00.
Author Michael Sutton is head of International Trading at Bolsa y Renta.