Colombian equity markets took a beating today as the Colcap index shed 2.25% on volume of COP150.6 billion. Only 2 names were in positive territory and the rest finished flat or down with Gruposura, AviancaTaca, and Canacol leading the plunge as each lost more than 4%.
CPI increased 0.32% in June bringing consumer inflation on the year to 2.53% and 3.23% over the previous 12 months. Recreation represented the largest rise in prices as it increased 2.87% in June, followed by fruits and vegetables and housing at 0.43% and 0.39%, respectively.
S&P raised their rating of Pacific Rubiales from BB to BB with a stable outlook. The move comes as operations and financials at the oil firm have continuously improved over the past year. Revenues have roughly doubled to US$1.9 billion even as margins have increased. The growth can largely be attributed to production gains. As of 1Q 2011, the company has reported average daily production of 225,000bpd, a 38% improvement over the previous quarter.
The peso closed mildy stronger to 1,766.00.