With the publication of the new basket of shares of the index Colcap of the Colombian Stock Exchange (BVC) for the third quarter of the year the preferred and common shares of Bancolombia continued to gain percentage share, as did other titles, while that of Ecopetrol continued to decrease it.
Bancolombia’s preferred stock for the third quarter registers a participation of 19.19%, the same as the previous period and slightly higher than a year ago (19.05%), while the ordinary title has a share of 11.53%, when in the second quarter it was 11.3% and a year ago it was 12.01%.
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The combined value of the two shares of the country’s largest bank is 30.72%, compared to 30.5% in the previous basket for the second quarter of the year.
For Jahnisi Cáceres, equity specialist at the brokerage firm Acciones y Valoresthe new basket of the third quarter of the BVC “After the update, there are no significant changes in terms of positioning within the issuers in the basket.”
The analyst acknowledged that there were changes in terms of participations, but they are very shortin the change in Bancolombia (shares) specifically and in Ecopetrol the change is around 1%, but it is because there were increases in issuers such as ISA, Cementos Argos and Grupo Argos.
Explanation
For the variable income specialist at Acciones y Valores, the greatest impact of Bancolombia’s preferred stock is because “It has to do mainly with the fact that the ADR has preference” (American Depositary Receipt, which allows American investors to trade in shares of companies whose corporations were incorporated outside the US).
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“This exposure to foreign investors makes preferred stock more liquid than ordinary stock and therefore has higher trading volumes, which makes it seem more sought after.”said the Stocks and Securities specialist.
In the second quarter basket Ecopetrol had a 13.7% share and for the third quarter it is 12.76% and a year ago it was 16.17%.
Actions
For its part, the action of ISAwhich is in fourth place, had a 9.8% share in the second quarter basket and in the one that came into effect it is 9.95%. A year ago it was 10.49%
According to the most recent Financial Opinion Survey by Fedesarrollo and the BVC, analysts believe that the stock market will continue to show appreciation in August.
Profitability in the year
During the year to date, the Colcap index has registered an appreciation of 13.87%, which shows that 2024 has been favorable for the index, which reflects the variations in the prices of the most liquid shares of the BVC.
According to the survey, 79.4% of analysts in August (compared to 77.8% in July) expect the index to appreciate within three months, while the remaining 20.6% expect the stock market index to decline.
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As reported by the EOF the most attractive action for investors participating in the market of the BVC are those of Argos cementsselected by 53.3% of analysts (14.% in July).
This title is followed by the ISA stock, the Bancolombia preferred stock, the stock of Bogotá Energy Group (GEB) and Bancolombia common stock.
On Friday it was announced that Cementos Argos shares were added to the FTSE Russell index as of September. A few days ago the company was also included for the first time in MSCI Global Small Cap Indexes.
HOLMAN RODRIGUEZ MARTINEZ
Portfolio Journalist
