The Colombian equities market was relatively flat Wednesday as the Colcap index dropped 0.14%, while the similar Colcap20 (liquidity-weighted index) increased 0.11%.
Pacific Rubiales led volume with COP48 billion being exchanged though fell 0.88%. The market as a whole traded COP $165 billion.
Canacol picked up 5.05% today after announcing strong production in the 1st quarter of this year. Revenues were up 378%, though it still had a net loss.
The Board of Grupo Aval authorized the purchase of COP30 billion shares by Colombian billionaire, and majority shareholder, Carlos Sarmiento. Shares traded up to COP $1,300, below the COP $1,350 level that shares were recently issued at.
The dollar’s appreciation to the Peso gave way today as it backed up to $1,818.
Author Michael Sutton is head of International Trading at Bolsa y Renta.