Venezuela's Currency Devaluation Drives Down Shares Of Colgate, Avon, Other Consumer Goods Companies

Shares of stocks of Colgate-Palmolive Co., Avon Products Inc., and other manufacturers of personal care and household products with business operations in Venezuela fell after the country devalued its currency. Toothpaste manufacturer Colgate’s shares dropped 1.5 percent to $108.49, while cosmetics direct seller Avon declined 2.5 percent to $16.85. Clorox Co., along with Kimberly-Clark Corp. and Energizer Holdings Inc., also posted losses. Venezuela accounts for share of sales for many consumer products makers that is not proportionate to its 0.4 percent share of the world population.