Petro and Duque meet over transition of power...
Colombia confronts former FARC chiefs with suffering kidnapping...
Colombia hears former guerrilla chiefs over mass kidnappings
Petro’s quest for a majority in Colombia’s Congress
Colombia’s ELN guerrillas reiterate call to resume peace...
Colombia begins transition of power after elections
The peaceful revolution of Colombia’s “nobodies”
Historic victory for Gustavo Petro in Colombia’s elections
Colombia’s election observers say voters received tainted ballots
Colombia elects new president amid fears of violence
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
Economy

Colombia stocks fall 1.17%, led by oil companies; peso weakens

by Newswires April 18, 2011

Colombia news - BVC

Colombia stocks fell Monday as shares of leading local oil companies were hurt by lower global oil prices and data showing exploration wells in Colombia came up dry last quarter.

The IGBC index, which encompasses the Colombian stock market’s blue-chip shares, posted a 1.17% decline to close at 13938.08 points. It was the first time the index fell below 14000 in more than a month. For the year, the index is down 10%.

Shares of state-controlled energy firm Ecopetrol (ECOPETROL.BO) fell 1.77% to COP3,605, while the price for Canada-based Pacific Rubiales (PRE.T), which operates the largest oil field in Colombia, dropped 2.21% to COP51,360.

Crude oil futures tumbled by a few dollars per barrel Monday on concerns over ratings agency Standard and Poor’s decision to cut its outlook on U.S. government debt.

Also hurting the share prices of oil companies in Colombia were data from the government’s oil-licensing agency ANH that showed exploratory wells by firms including Ecopetrol and Rubiales had a 0% success rate during the first quarter.

Of 38 exploratory wells, 26 were still being tested, 12 were confirmed dry and none was deemed a producing well. For all of 2010, the success rate on exploratory wells was 58%, and was a reported 72% during the first three months of last year.

Meantime, the Colombian peso retreated slightly Monday, closing at COP1,800.00 for $1 from COP1,798.25 on Friday, according to central bank data.

The yield on the benchmark, peso-denominated 2020 bond stood at 8.192% Monday from 8.150% a day earlier.

(Dan Molinski, Dow Jones)

Colombia pesoeconomyEcopetroloilstocks

Trending

  • Last polls before Colombia’s election contradict each other

  • Colombia’s police announce mass arrests ahead of elections

  • Colombia’s first lady, slush funds and organized crime

Related articles

  • Gross domestic product

  • Labor and unemployment

  • Scholars’ drastic solutions for Colombia | Part 1: renegotiating free trade

  • RSS

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top