The following companies had unusual price changes in Bogota trading.
Stock symbols are in parentheses and prices are as of 4 p.m. New York time.
The IGBC Index fell 1.2 percent to 13,938.08, while the Colcap Index dropped 1 percent to 1,653.76.
The two indices hit their lowest levels in a month as Standard & Poor’s put a “negative” outlook on the AAA credit rating of the U.S., citing a “material risk” the nation’s leaders will fail to deal with rising budget deficits and debt.
The U.S. is Colombia’s biggest trading partner.
Coltejer SA (COLTEJ) , the Medellin-based clothing maker and exporter, rose 1.2 percent to 87 centavos as the government of President Juan Manuel Santos sends a plan today to the Obama administration for approval of a free trade accord between the countries, said David Pelaez, analyst at brokerage Bolsa y Renta.
Oil companies dropped as Colombia’s success rate in the country’s exploratory wells was 0 percent in the first quarter, according to statistics released by Colombia’s hydrocarbon agency.
Oil fell for the first time in four days in New York after Saudi Arabia, the world’s biggest crude exporter, said the global market has enough supplies to meet demand.
Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, fell 1.8 percent to 3,605 pesos, its lowest level since Sept. 27, 2010.
Pacific Rubiales Energy Corp (PRE) , the Toronto-based oil company with fields in Colombia, fell 2.2 percent to 51,360 pesos, its lowest level since April 4.
Canacol Energy Ltd (CNE) , the Calgary-based oil company that operates fields in South America, fell 1.9 percent to 2,360 pesos, its lowest since Oct. 4.
The drop comes amid a lack of news on the company’s plans to drill at its Takutu block in Guyana, said Pelaez.
Stock symbols are in parentheses and prices are as of 4 p.m. New York time.
The IGBC Index fell 1.2 percent to 13,938.08, while the Colcap Index dropped 1 percent to 1,653.76.
The two indices hit their lowest levels in a month as Standard & Poor’s put a “negative” outlook on the AAA credit rating of the U.S., citing a “material risk” the nation’s leaders will fail to deal with rising budget deficits and debt.
The U.S. is Colombia’s biggest trading partner.
Coltejer SA (COLTEJ) , the Medellin-based clothing maker and exporter, rose 1.2 percent to 87 centavos as the government of President Juan Manuel Santos sends a plan today to the Obama administration for approval of a free trade accord between the countries, said David Pelaez, analyst at brokerage Bolsa y Renta.
Oil companies dropped as Colombia’s success rate in the country’s exploratory wells was 0 percent in the first quarter, according to statistics released by Colombia’s hydrocarbon agency.
Oil fell for the first time in four days in New York after Saudi Arabia, the world’s biggest crude exporter, said the global market has enough supplies to meet demand.
Ecopetrol SA (ECOPETL) , Colombia’s largest oil company, fell 1.8 percent to 3,605 pesos, its lowest level since Sept. 27, 2010.
Pacific Rubiales Energy Corp (PRE) , the Toronto-based oil company with fields in Colombia, fell 2.2 percent to 51,360 pesos, its lowest level since April 4.
Canacol Energy Ltd (CNE) , the Calgary-based oil company that operates fields in South America, fell 1.9 percent to 2,360 pesos, its lowest since Oct. 4.
The drop comes amid a lack of news on the company’s plans to drill at its Takutu block in Guyana, said Pelaez.
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