The Colcap index rose 0.72% today on strong volume as Tablemac and Conconcreto led the advance while Fabricato again traded in heavy volume but down 5.22%. Rumors had swirled that the company would put itself up for sale following the departure of the CEO, leading to yesterday’s significant rise. The stock has risen over 100% this year, making it far and away the leader in an otherwise sideways market.
Bancolombia announced plans to issue $1 billion of 10 year notes for general purposes. They are rated Baa3/BBB- by Moody’s & Fitch.
Pacific Rubiales reported a new partnership with EXMAR to develop a natural gas pipeline in northern Colombia. The line will extend from fields in La Creciente to the Carribean Coast.
The peso backed up again in trading today to close at 1,831.90.
Author Michael Sutton is head of International Trading at Bolsa y Renta.
