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Financial News: COLOMBIA: Colcap Falls 0.45% Tracking Ecopetrol Downturn

COLOMBIA: Colcap Falls 0.45% Tracking Ecopetrol Downturn

11/28/2017 - 18:10:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, was falling 0.45%, trading at 1,439.88 points Tuesday, tracking Ecopetrol's (-2.25%) downturn.

Marcela Ramirez, an analyst at Acciones & Valores, noted that the state-owned oil company trades down due to a market correction after Monday's gains and the drop in oil prices abroad on the eve of a new meeting of the Organization of Petroleum Exporting Countries (OPEC).

Meanwhile, Alianza Valores estimated the quarterly results reported by Grupo Aval as "neutral." Grupo Aval (-1.18%) recorded a net profit of 438 billion pesos in the third quarter of 2017, a 28.7% fall compared to the same period of the last year.

The shares of ETB (-1.76%) and Sura (-0.58%) are also falling, while Promigas (+3.68%), Conconcreto (+0.49%), Preferencial Bancolombia (+0.48%), Éxito (+0.37%), and Corficolombiana (+0.21%) are rising.

The locally traded U.S. dollar closed at 2,996.20 Colombian pesos, marking a 0.29% fall, after statements by Jerome Powell, nominated by United States President, Donald Trump, as head of the U.S. Federal Reserve bank. Daniel Lombana, an analyst at Acciones & Valores, said that Powell's statements were taken as a continuation of the policies promoted by his predecessor, Janet Yellen.

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