Daily Colombian Equities Bulletin and Fundamentals 09-10-13
Ideas get bigger when you share them...
September 11, 2013 (www.investorideas.com newswire) USA markets finished positive for the sixth consecutive session driven by better than expected data from China (Industrial production and retail sales). The S&P 500 advanced 0.73% and the Dow Jones climbed 0.85%. On the other hand, LatAm markets had a positive performance except for Brazil which declined 0.47%.
In the local front, the COLCAP index advanced 0.75% to 1,765.9 driven by most of regional markets´ performance. We believe the market showed a strong performance during today´s session and confirmed that it surpassed the 1,750 resistance level. That being said, we remain optimistic going forward as we see further upside potential for the COLCAP index. In case the market has a negative correction, we believe it represents an attractive investment opportunity until the year end.
On the corporate side, there were several news that had an impact on the local stock market:
Isagen: A construction and mining company (Esgamo) initiated a lawsuit against Isagen, the Government and the agency that awards environmental licenses in Colombia (ANLA). Esgamo claims that they cannot longer explore a mining project near the Isagen´s new hydroelectric plan (Hidrosogamoso).
Avianca Holdings: According to the Wall Street Journal, Avianca is about to announce a new equity offering for foreign investors in the USA . However, we highlight that the company did not release any public information and therefore it is not official.
Pacific Rubiales: The company announced today its third quarter 2013 cash dividend of U.S.$0.165 per common share payable on September 30, 2013 to shareholders of record as of September 20, 2013 and to holders of Brazilian Depositary Receipts (the "BDRs") of record as of September 17, 2013. The ex-dividend date for shareholders trading on the Toronto Stock Exchange and the La Bolsa de Valores de Colombia (or the Colombia Stock Exchange) as well as for those trading BDRs on the Bolsa de Valores Mercadorias e Futuros (or the Brazilian Stock Exchange) is September 18, 2013.
Published at the Investorideas.com Newswire - Big ideas for Global Investors
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