October 2023: Mixed Performance for Colombian Companies on Wall Street amid Market Decline

World stock markets and analysts on Wall Street/Photo: AFP/Cnbc

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The shares of Colombian companies that are quoted in the New York Stock Exchange in the US and the Toronto Stock Exchange in Canada They had a mixed October amid the sharp decline in North American markets.

The month on Wall Street for Colombian companies was marked by a notable rise in Grupo Éxito’s ADR in its first full month of trading in this market, being the seventh company in the country currently listed in any of the North American indices, with ample liquidity.

The main Wall Street indices closed a disastrous month, because despite slight increases in recent days, they ended October in the red. So, Wall Street chained its third consecutive month of losses, weighed down by the rise in US bond yields to levels not seen in 16 years and fears of a longer high interest rate environment.

The most affected was the Nasdaq index, which loses 2.8% in its worst October since 2018, partly dragged down by the quarterly results of large technology companies, which in several cases disappointed and were received with share sales.

For its part, the selective S&P 500 cuts 2.2% y the Dow Jones by 1.4%, in both cases registering their worst October since 2020.

These monthly losses occur at a time when the Federal Reserve has issued alerts about possible interest rate increases in the future, If the economic outlook so favors it, and now with the specter of the new war in the Middle East as a threat.

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October 2023 balance

In the month, The balance was positive especially for Éxito with an increase of 38% and distancing itself from other companies.

Image: Valora Analitik

This also with the reason for the preliminary purchase agreement of the Calleja Group of El Salvador with Casinothe largest controller of the Colombian company, which seeks to get out of its financial crisis.

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For their part, the other companies registered minor movements, with the exception of Procaps which fell 20.3% on Nasdaq.

2023 balance of Colombian companies with shares in the US and Canada

Regarding the balance of the current year of Colombian actions in North America, With its launch in October, Éxito leads with a valuation of 20%, followed by Ecopetrol with a 19% increase in its share and Tecnoglass It is third with 4.8%.

Meanwhile, the other five companies registered losses, with Mineros and Procaps being the most underperforming with falls of 18% and 39%, respectively.

Image: Valora Analitik

It must be remembered that Cementos Argos is expected to join Wall Streetwhich announced one of the deals of the year with Summit Materials and soared on the Colombian Stock Exchange with a rise of 90% the previous month.

Also Grupo Sura, Grupo Argos and Nutresa revealed intentions to list in the US markets in the long term.

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Link: Wall Street closed its worst October in three years; but Éxito stock grew 38% in New York published in Valora Analitik – Economic, political, stock market and financial news.. All rights reserved.

2023-10-31 23:52:00
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