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Daily Colombian Equities Bulletin and Fundamentals 7-22-14

July 23, 2014 ( newswire) The Colcap index closed at 1,697 points (0.5%). Total turnover reached USD 68 mm. The best performers were Enka (+4.35%), Pacific Rubiales (+3.92%) and Cemex Latam (+3.03%). On the other hand, the worst performers were El Condor (-1.95%), EEB(-1.56%) and Conconcreto (-0.32%).

Colombia Today

Results 2Q14

Today Celsia and Exito will release their 2Q14 earnings presentation after market close.

We updated our Celsia´s estimates:
Revenues: COP 702,4 billion +19 YoY;
EBITDA: COP 287,9 billion +26% YoY
Net Income: COP 115,5 billion +42% YoY

We updated our Exito´s estimates:
Revenues: COP 2.8 bn +16 YoY;
EBITDA: COP 219 bn +17% YoY
Net Income: COP 95 bn +19% YoY

Ecopetrol | Pacific Rubiales

Tomorrow morning Ecopetrol's board will meet to define the future of the Star technology presented by Pacific Rubiales. Source: La Republica


With 72% of the project sold and the presence of Conconcreto and Avenida Capital offices, Atlantic Business Tower, the new mega-project in Barranquilla, gets off to a good start. Conconcreto besides having purchased 3,250 square meters is responsible of the construction that must be completed in 2016.Source: La Republica


The National Roads Institute INVIAS revealed that the Government has allocated historical resources during the first four years of Juan Manuel Santos' presidential period for the development of the roads in charge of the National Roads Institute in Antioquia. Since 2010 investment has been around COP 1.74 billion, resources that have been executed in major works for road development in the Antioquia department. Source: Dataifx

Funds obtained from thesale of Isagen will be used in 4G road concessions. The Finance Minister, Mauricio Cardenas, told that the COP 5 billion from the sale may be used after the 20th of September.Source: El Colombiano

Oil Market

Government will expand the wealth tax to support costs of monitoring oil infrastructure. During the first half of this year 39 terrorist attacks to the infrastructure were recorded.

Ecopetrol, the company with the largest share of the country pipelines, spent last year COP 67 billion to address the damage caused by the attacks of the guerrillas. In 1Q14 the company paid COP 9 billion for the same concept.Source: Portfolio

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.

To View Complete Report: 7-22-14

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