Here is the local news for Today.......
Colombia shares end higher, Suramericana up again
BOGOTA, March 27 (Reuters) - Colombian stocks ended mostly higher Friday as the country's top insurance company, Suramericana de Inversiones <CSS.BG>, surged for the second consecutive day after news of a share split.
Bogota's IBB <.IBB> rose 1.55 percent to end at 1179.70 on turnover of about 2.2 billion pesos. Medellin's IBOMED <.IBMG> general price index added 0.70 percent, closing at 16,494.90.
Suramericana did not trade on the Bogota exchange Thursday, when it jumped 14.1 percent in Medellin after the announcement that it was planning to offer four new shares for every share currently held by investors.
On Friday, the stock, already the most expensive in
Colombia, jumped 15.2 percent in Bogota, where it closed at
19,600 pesos per share. There was less enthusiasm in Medellin,
after Thursday's run-up, though Suramericana still managed to
rise a further 4.53 percent in the northwest industrial hub,
closing at 19,000 pesos per share.
No date has been set for the share split, which is intended
to make the stock more attractive to a wider range of buyers,
increasing its liquidity. Leading bank stocks were among
other gainers, led by Banco Industrial Colombiano <BIC.BC>,
which ended up 2.8 percent in Bogota at 3,210 pesos per share.
17:32 03-27-98
Colombia says global bond issue drew heavy demand
BOGOTA, March 27 (Reuters) - Colombia's Finance Ministry on Friday said demand for this week's $500 million 10-year global bond issue outstripped the number of securities sold by 50 percent.
Underscoring the attractiveness of the bonds, which were priced at 296 basis points over comparable U.S. Treasury notes, investors snapped up the entire issue as soon as the price was set Thursday afternoon, the ministry said. Some 20 percent of the issue was sold in Europe.
The bond issue, co-lead managed by Goldman Sachs & Co and Salomon Smith Barney, will pay an annual coupon of 8.625 percent in dollars, the ministry said in a statement.
Commenting on the placement in brief remarks to reporters, Finance Minister Antonio Urdinola said the dollar-denominated bond market had been "very difficult" for the government to tap because of the fallout from the recent financial turmoil in Asia -- even though Colombia enjoys investment-grade rating status.
Urdinola said "a little window" of opportunity had opened up for the country this week, and it seized the moment as soon as it arose.
"We don't know what problem there might be in Asia that could close the market again," Urdinola said.
In other developments, UrdinnY.K
Urdinola said the purchases of TES sold at auctions in 1997 were expected to total up to 80 billion pesos per month.
The repurchase mechanism was aimed at driving down high domestic interest rates, which threaten to bring a sharp slowdown to the economy, Urdinola said.
Overnight rates have run as high as 35 percent in recent weeks.
17:09 03-27-98
Colombia's net foreign reserves edge higher
BOGOTA, March 27 (Reuters) - Colombia's net foreign reserves totaled $9.370 billion as of March 13, the latest date for which official figures are available, the central bank said Friday.
It said the total marked a $31.1 million increase from the previous cutoff date on March 6.
It was only the third time this year that net reserves, under pressure as the bank intervened in the foreign exchange market to defend Colombia's peso, have risen from one week to the next.
17:47 03-27-98 |
