Daily Colombian Equities Bulletin and Fundamentals 7-15-14
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July 15, 2014 (www.investorideas.com newswire) The Colcap index closed at 1,680 points (+0.4%). Total turnover reached USD 96 mn. The best performers were Enka (+2.8%), PfGrupoSura (+2.6%) and BVC (+2.6%). On the other hand, the worst performers were Pacific Rubiales (-5.2%), Mineros (-2.1%) and Cemargos (-2.0%).
The Minister of Finance announced that the auction to sell Isagen will be held on August 20. Source: Bloomberg
Ecopetrol | Pacific Rubiales:
Pacific Rubiales' executives will meet today at 6 pm with Ecopetrol officials to discuss the test results of the Synchronized Thermal Additional Recovery technology, or STAR, which is designed to increase flow by heating oil in the well. Pacific said in a statement today that the STAR pilot successfully met its objectives based on 18 months of tests. However, Pacific Rubiales fell to an eight-week low on concern tests of its oil-recovery technology won't be enough to persuade state-owned producer Ecopetrol to use it in Colombia's largest field. Source: Bloomberg
In a press release, Pacific Rubiales confirmed that will continue developing the STAR technology as an alternative to increase oil reserves in Colombia and presents evidence under which should take the decision to move forward with STAR project. Source: SuperFinanciera
The press release was published after it was known from the page of the Colombian Senate; that the STAR project did not meet the minimum requirements to be use as a tool to obtain a production contract with Ecopetrol after their contract expires in mid-2016. Source: Colombian Senate Webpage
The Mario Huertas-Meco group beat Shikun & Binui-Grodco in the bidding for the award of the Highway Conexión Pacífico 3. The project CAPEX is of COP 1.2 trillion and it's the third contract won by this group in the 4G Concession. Source: Portafolio
Bancolombia announced unconsolidated results for the month of June 2014. Bancolombia's non consolidated net loans grew 8.4% A/A and accumulated net income increased 7.13% vs. same period last year. Source: Bloomberg
Conconcreto in partnership with the School of Engineering of Antioquia began the construction of Conconcreto's Innovation Center, a space in which young entrepreneurs will receive an academic and experimental training in the construction sector. Source: Portafolio
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