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Financial News: COLOMBIA: Colcap Falls 0.46% As Weak Banking Sector

COLOMBIA: Colcap Falls 0.46% As Weak Banking Sector Shares Weigh

08/30/2017 - 20:39:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.46% Wednesday, closing at 1,471.16 points, due to the weak performance from financial sector shares after a report from the credit rating agency Fitch said that local banks should prepare for lower economic growth.

Grupo Aval also pulled the Colcap lower, with shares falling by 0.76% after the company reported 21.7% drop in its net profits during the second quarter compared to the same period of the previous year.

David Santos, an analyst at Compass Group, said Grupo Aval's second-quarter corporate results confirm the weak economic cycle, with deteriorating portfolios and increased provisions.

The shares of Avianca (+2.16%), Cemex (+1.65%), Éxito (+0.79%), Canacol (+0.62%), and Davivienda (+0.49%) rose, while Bancolombia (-1.57%), Corficolombiana (-0.85%), and Suramericana (-0.44%) fell.

Meanwhile, the locally traded U.S. dollar closed the day at 2,954.00 Colombian pesos, marking a 0.64% rise, due to the fall in oil prices. Andrés Fonseca, an analyst at Alianza Valores, said that oil fell because investors continue to worry about the refineries closed in Texas, which represent 15% of the market in the United States, due to the Hurricane Harvey effects on the region.

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