Daily Colombian Equities Bulletin and Fundamentals
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April 3, 2014 (www.investorideas.com newswire) The Colcap index closed at 1,707 points, equivalent to a daily change of 0.91%. Total turnover reached USD 139 mm. The best performers were Enka (+7.92%), Canacol (+5.02%) and Carvajal Empaques (+4.88%). On the other hand, the worst performers were Bancolombia (-0.30%), PfDavivienda (0.24%) and Cemargos (-0.39%).
Colcap index has advanced 7 sessions in a row, the best performance so far this year. Today´s close is the highest since November 7, 2013. VIX index closed at 13.09, showing a big appetite for risky assets around the globe. Colombia has been an outperformer in the last weeks among several equity markets.
The board of Directors of EPM approved the sale of its participation on Isagen in case the consortium EPM-CEMIG do not win the auction for the 57.6% share the nation has on the company. Source: Dataifx
Sura Asset Management, the largest independent pension fund administrator in Latin America, with main operations in Chile, Mexico, Peru and Colombia has mandated Bank of America, Merrill Lynch and Morgan Stanley to arrange a series of fixed income investor meetings in the United States, Europe and Latin America commencing on April 4th, 2014. A 144A/Reg S transaction may follow, subject to market conditions. Source: Reuters, Bloomberg
Once Ecopetrol have the environmental licenses, it plans to carry out fracking tests in five wells this year. The company is in talks with other producers to develop unconventional energy in Colombia. Source: Bloomberg
Avianca Holdings together with its subsidiary companies Grupo Taca Holdings Limited and Avianca Leasing, LLC, as co-issuers, successfully reopened its international bond and priced a USD 250 million bond offering in the international capital markets. The offering was oversubscribed by more than 3.5 times, achieving a Yield to Date of 7.44%. Souce: Avianca Holdings
Moreover, the company announced that the reduction in Venezuela's capacity and the redeployment of its operations to other markets will increase 1Q costs and therefore affect operational results. Source: Bloomberg
In February, 2014 the Colombian exports decreased 8.5% YoY to USD 4,271.4 mn. This behavior was mainly explained by: i) the reduction in fuel and extractive industries (-8.4%); ii) the fall in manufactures (-11.3%); and iii) the decline in other sectors (-48.7%). Source: DANE, Dinero
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