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The stock prices of Colombia’s largest companies fell Monday due to the issuance of new shares and declining oil prices.
Stocks in Exito, a superstore retailer and Colombia’s largest publicly traded company fell 2.2% dropping for the fourth consecutive day as Exito announced plans to sell $1.4 billion worth of new shares to acquire a stake in Uruguayan supermarkets from Casino Guichard-Perrachon SA.
Lower crude oil prices caused stock in Colombia’s largest oil company, Ecopetrol, to drop 2.3% to its lowest level since April 19th. Oil companies Pacific Rubiales Energy Corporation and Canacol Energy Limited saw their stock drop 3.4% and 1.9% respectively.
