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Daily Colombian Equities Bulletin and Fundamentals 4-8-14

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April 8, 2014 ( newswire) The Colcap index closed at 1,683 points, equivalent to a daily change of -1.18%, in line with international markets (S&P500 drops 1.1%). Today, total turnover reached USD 116 mn. The best performers were Fabricato (+4.32%), Valorem (+1.69%) and Cemargos (+0.40%). On the other hand, the worst performers were PfAviancaHoldings (-3.92%), Pacific Rubiales (-2.66%) and Banco de Bogota (-2.65%).

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As we had said in past reports, Colcap index should have a correction after the steep movement it has had since the beginning of the year. This is the second day of losses and technically the index had space to reach levels near 1660-1670 before 1Q season begins. Moreover, 1,700 pts was a very important psychological level for investors.

Colombia Today


Colombia's state-run Ecopetrol SA declared force majeure on a small number of deliveries of medium Vasconia crude after a key pipeline, the Cano Limon-Covenas, was halted after a series of insurgent attacks. Source: Reuters

Cemex Latam Holdings:

It announced today it expects to participate in the construction of approximately 12,000 sustainable housing units in Latin America during 2014, as part of its continuous effort to strengthen its solutions based commercial offer. CLH will use innovative construction systems and specialty concrete products that contribute to increase energy efficiency translating into reduced energy costs for the families living in these houses. Additionally, these specialty concrete products help to optimize the use of natural resources by reducing water consumption in the construction process. The company will also continue working on its social programs focused on sustainable self-construction like Patrimonio Hoy and Bloqueras Solidarias. Source: SuperFinanciera


After EEB announced last Friday the purchase of a 32.91% stake in TGI from Citi Venture Capital International (CVCI), Moody's affirms TGI's Baa3 rating. Source: Bloomberg

Grupo Argos:

Grupo Argos CEO Jose Alberto Velez speaks in an interview at World Urban Forum in Medellin about the developing of a real estate fund to generate rental income from offices, industrial plants, distribution centers and shopping malls. The company will eventually sell shares in real estate fund (no specific date).

As well as developing real estate fund, subsidiary SITUM will develop and sell plots of land owned by Argos and develop land of third parties. Source: Bloomberg


The inflation rate in March of 2014 was 0.39% (+0.18% A/A), above both, the market consensus (0.29%) and that expected by Corredores Asociados (0.14%). According to DANE, in the last 12M the inflation rate has been 2.51% (Central Bank's goal: 3%). Source: Dataifx

Corredores Asociados S.A. Comisionista de Bolsa is not responsible for investment decisions that may be derived from the information and analyses presented in this document. These decisions, their effects and consequences will be the sole responsibility of the investor. The information published is informative and has been taken from reliable sources, but Corredores Asociados S.A. does not guarantee that they are free of errors. Total or partial reproduction of this document is not allowed without the prior and express authorization of Corredores Asociados S.A.

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