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Colombia News | Colombia Reports
  • News
    • General
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Economy

Colombia market update – September 29

by Michael Sutton September 29, 2011

Colombia news - close

Colombia’s Colcap index gained 1.03% on the back of a healthy showing from Ecopetrol which gained 2.45%, though nothing close to the 10% gain seen in Grupo Aval.

Canacol’s results from the quarter ending June 2011 beat estimates with revenues of $47.9 million and produced positive net income of US$8.9 million for the first time ever. The company averaged production of 11,523 bpd, a 324.9% increase to the same period last year. We’re keeping our price target of COP2,850 as a speculative buy.

The peso held relatively steady as it closed at 1,918.40.

Colombia news - closing market

 

economy

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