Colombia’s Colcap index finished today’s session higher by 0.34% after a strong day from Bancolombia and Canacol. Volume was extremely light at COP$73 billion. The small cap textile manufacturer, Fabricato, had more than double the volume of any other name as it increased 4.31%.
Canacol entered into a farm-in agreement with C&C Energia to acquire interests in Andaquies and Coati. The stock rose 1.82% on the news.
The Colombian Central Bank raised rates 25bps to 4%. Additionally they have extended their dollar purchase program until the end of the 3rd quarter, US$20 million will be purchased on a daily basis in the spot market. The Peso reacted with strength today and closed at 1,807.00.