Colombia market update – September 21

Colombia’s Colcap was sent lower Wednesday following the Fed’s move and subsequent decline in U.S. equities. The overall index declined 1.20%, though significantly less than the U.S., the major oil companies listed on the BVC were punished.

Though lower oil prices led to losses for Pacific Rubiales today, tensions flared again at the Rubiales and Quifa fields as a group of unknown people blocked major routes used by the company. Production hasn¡¦t been stopped, but the company has said they are monitoring the situation.

The peso eclipsed 1,890 today before closing to 1,874.00, a 0.73% move that has added to two previous days of heavy Peso selling. Yields on local TES 2024 jumped 14bps today in unusual volatility to 7.49%. Yields on the Yankee 2017 bonds increased 8bps, though are still lower by 93bps on the year.

Related posts

Colombia’s truckers agree to lift blockades after deal with government

Truckers shut down parts of Colombia over fuel price hikes

Colombia’s bankers agree to invest additional $13.6B in economic development