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Financial News: COLOMBIA: Colcap Earns 0.14% On Oil Spike Abroad

COLOMBIA: Colcap Earns 0.14% On Oil Spike Abroad

10/10/2017 - 21:03:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.14% Tuesday, closing at 1,486.06 points due to the rise in oil prices abroad, fueling a rise in Ecopetrol's shares.

Andrés Fonseca, an analyst at Alianza Valores, said that Colcap closed the day after the cruse has broken the barrier of US$ 50 per barrel, benefiting commodity-dependent emerging markets such as Colombia's.

Meanwhile, the International Monetary Fund (IMF) reduced Colombia's growth forecast for 2017 to 1.7%, from 2%. The drop in this year's projection occurs amid a continuous adjustment due to lower revenue in the country.

The shares of EEB (+0.76%), Ecopetrol (+0.71%), Canacol (+0.51%), Davivienda (+0.49%), Nutresa (+0.30%), and Bancolombia (+0.25%) rose, while Conconcreto (-0.99%), Celsia (-0.32%), Sura (-0.20%), and Éxito (-0.13%) fell.

The locally traded U.S. dollar closed the day at 2,957.00 Colombian pesos, marking a 0.66% rise, on the eve of the minutes of the last U.S. Federal Reserve board meeting. Wilson Tovar, an analyst at Acciones & Valores, said investors would be focused on Fed minutes looking for clues related to future interest rate hikes in the United States and speculation about Donald Trump's tax reform plan.

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