Colombia’s Colcap index Tuesday improved strongly from the lethargy of the day before as it picked up 0.80% on volume of roughly $90 million.
Pacific Rubiales accounted for half of the volume as it gained 5.49% on the day picking up ground lost since reporting 4th quarter results a couple weeks ago.
A report from the Agency of Hydrocarbons likely offered PREC a boost as it reported Colombia’s March crude production was 884,000 barrels per day, a 15.37% increase from the same period last year.
Ecopetrol still accounts for the bulk of production in Colombia and represented 89% in the reported numbers, although they do have a number of agreements with smaller oil companies that get lumped into that figure.
The S&P500 index found its way lower on the day after trading in positive territory following announcements that China increased rates 25 basis points. The index closed 0.02% lower and the majority of Europe declined on the day as well. Moody’s followed suit today and downgraded the sovereign debt of Portugal from A3 to Baa1 citing the imminent need of a rescue by the E.U.
The peso showed strong gains today as it picked up 15 pesos on the dollar to close at 1,834.00.
Oil closed under $108/barrel following China’s announcement and an expectation of slightly subdued demand from the world’s second largest economy. Gold stole the show though as it added 1.65% to close at 1,455.80/ounce.
