The majority of exchanges around the world traded down Wednesday, the worst losses being seen in Japan and throughout Europe as the crisis in Libya drags out.
The U.S. and Colombian equity markets were little changed as the S&P 500 brushed off increasing oil prices and Middle East instability to gain 0.16%, while the Colombian Colcap was down 0.11% on the day. Volume on the BVC was down to USD$120 million from Tuesday’s impressive $176 million.
The biggest winners in Colombia were two of the smaller listed companies, Fabricato and Coltejer, rising 4.84% and 3.61%, respectively. The Board of Directors at Ecopetrol announced that they will propose paying out 70.3% of net income as dividends to shareholders for 2010, representing COP$145/share.
Economic news in the States was positive as the sluggish employment market begins to take up slack. The ADP employment report showed that the private sector in the US added 217,000 jobs versus Wall Street’s estimate of 180,000.
Local foreign exchange markets were relatively quite as most regional currencies with the exception of the Chilean peso gained on the U.S. dollar. The Colombian peso closed the day at 1914.00 to the dollar.
Oil continued its streak, worrying economies around the globe looking for stronger rebound growth. WTI crude was up 2.77% to $102.39. Cotton and coffee, while overshadowed by the geopolitical crisis and oil’s gains, are continuing to advance as well, they increased 4.38% and 3.83%, respectively.
