Colombian stocks fell Wednesday for a fourth session, led by declines in heavyweight shares of oil firm Pacific Rubiales (PRE.T).
The IGBC index, which encompasses Colombia’s blue-chip firms, declined 0.40% to close at 14303.74 points. With one day remaining in the first quarter of 2011, the index is down 8%.
Shares of Pacific Rubiales, a Canada-based firm whose main assets are in Colombia, fell 2.0% to COP49,580. The company’s share price has been dogged by lower-than-forecast production and reserves figures as well as the company’s announcement a few weeks ago of a clause to one of its key oil contracts that, although on the books for years, was unknown to most investors. The clause is related to its participation in the Quifa contract and could have a negative impact on the company’s future earnings.
The Colombian peso, meanwhile, rebounded a bit after a few straight sessions of losses, strengthening to COP1,875.35 to the dollar from COP1,885.50 a day earlier.
The yield on the benchmark 2020 peso-denominated bond, known as TES, closed at 8.326% from 8.329% on Tuesday.
