Colombian Stocks' Losing Streak Hits Eight; Peso Weakens
November 24 2011 - 5:13PM
Dow Jones News
Colombian stocks fell for an eighth straight session Thursday,
and this time without U.S. stock markets to blame as they were
closed for the Thanksgiving holiday.
The Colcap index, the benchmark for Colombia, declined 0.29% to
1492.30 points, its lowest level since July 2010.
Leading decliners was Colombia's largest food producer, Nutresa
(NUTRESA.BO), which dropped 1.44% to COP20,560. Investors are
worried that Nutresa will be hurt by higher food prices as
extremely heavy rains in Colombia flood crops and wash away major
roads and highways used to transport the food to market.
Despite the overall market's decline, shares of Colombia's
largest lender, Bancolombia (CIB, BCOLOMBIA.BO), gained 2.3% to
COP26,500 after it announced plans to be one of several
co-investors in the purchase of ING Groep's (ING, INGA.AE) Latin
American pension business. Bancolombia's parent company, Grupo de
Inversiones Suramericana (GIVSY, GRUPOSURA.BO), is leading the
purchase, which is expected to be completed by the end of the
year.
Meanwhile, the Colombian peso fell back against the dollar for a
second straight session, closing at its weakest level since early
October. It ended Thursday at COP1,940.20 to the dollar, from
COP1,935 Wednesday.
The yield on Colombia's peso-denominated bond due July 2024
closed at 7.672%, after ending Wednesday at 7.660%. Yields have
been rising for several weeks on fears of higher inflation due to
the transportation problems caused by heavy rains.
-By Dan Molinski, Dow Jones Newswires; 57-310-867-6542;
dan.molinski@dowjones.com
Grupo Nutresa (CE) (USOTC:GCHOY)
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