The Colombian market was quiet Monday as the Colcap index ticked slightly down by 0.08% on COP$88.8 billion in volume. Fabricato led the upside as it increased 8.49% on COP26.5 billion in volume. YTD, the stock is up 113.75%.
Mineros finished 1.59% higher as a resolution was reached in their labor dispute, thus avoiding a strike.The terms call for an immediate 6% pay raise effective as of the 1st of April, 2011, with the second raise in 2012 to be the greater of CPI+1% or 4.5%.
Global fears of agitation in Europe drove the dollar higher today, even against the peso as the dollar finished up 0.65% to 1,826.75.
Author Michael Sutton is head of International Trading at Bolsa y Renta.