Fuente:Bloomberg.
Ecopetrol SA, Colombia’s largest oil company, gained the most in a month as crude rose and investors buy up the state-run company’s stock ahead of Colombia’s May 30 bourse integration with Peru and Chile.
Ecopetrol, the most weighted stock on Colombia’s Colcap Index, where it accounts for 20 percent of the market, rose 3.3 percent to 3,900 pesos at 4 p.m. New York time, after earlier gaining as much as 3.8 percent, the most on an intraday basis since March 16.
“Many investors are coming along for the ride now as Peruvian and Chilean pension funds are to invest in our market,” said Camilo Rubiano, analyst at Afin Sa. “The market is going to see more liquidity, a larger supply with a larger basket of shares.”
Colombia’s bourse rose the most since April 20 as liquidity returns to the market after Avianca Taca Holding SA and Grupo Aval Acciones y Valores ended oversubscribed share issuances that will begin trading this week, said Rubiano. The Colcap Index rose 1.3 percent to 1,692.77.
Finance Minister Juan Carlos Echeverry said the government will withdraw from congress a bill to sell as much as a 10 percent stake in Ecopetrol and may resend the bill later after correcting procedural problems, according to a regulatory filing today.
Investors are buying Ecopetrol’s shares on bets that the delay of the sale issuance will assure the stock isn’t diluted in the short term, Rubiano said.
Ecopetrol said surging exports and record production fueled a 59 percent jump in first-quarter profit, according to a statement May 5. Net income increased to 3.11 trillion pesos ($1.7 billion) from 1.95 trillion pesos a year earlier, the company said. Revenue rose 41 percent as output climbed 17 percent.
Ecopetrol, the most weighted stock on Colombia’s Colcap Index, where it accounts for 20 percent of the market, rose 3.3 percent to 3,900 pesos at 4 p.m. New York time, after earlier gaining as much as 3.8 percent, the most on an intraday basis since March 16.
“Many investors are coming along for the ride now as Peruvian and Chilean pension funds are to invest in our market,” said Camilo Rubiano, analyst at Afin Sa. “The market is going to see more liquidity, a larger supply with a larger basket of shares.”
Colombia’s bourse rose the most since April 20 as liquidity returns to the market after Avianca Taca Holding SA and Grupo Aval Acciones y Valores ended oversubscribed share issuances that will begin trading this week, said Rubiano. The Colcap Index rose 1.3 percent to 1,692.77.
Finance Minister Juan Carlos Echeverry said the government will withdraw from congress a bill to sell as much as a 10 percent stake in Ecopetrol and may resend the bill later after correcting procedural problems, according to a regulatory filing today.
Investors are buying Ecopetrol’s shares on bets that the delay of the sale issuance will assure the stock isn’t diluted in the short term, Rubiano said.
Ecopetrol said surging exports and record production fueled a 59 percent jump in first-quarter profit, according to a statement May 5. Net income increased to 3.11 trillion pesos ($1.7 billion) from 1.95 trillion pesos a year earlier, the company said. Revenue rose 41 percent as output climbed 17 percent.
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