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.