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Financial News: COLOMBIA: Colcap Heading To Close Higher On Ecopetrol

COLOMBIA: Colcap Heading To Close Higher On Ecopetrol Shares

11/07/2017 - 18:16:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, was on track to close Tuesday's session higher as investors await the release of the state-owned oil company Ecopetrol's quarterly results. On the afternoon, the Colcap was rising 0.79%, at 1,429.80 points.

Ramses Pestanapalmett, an analyst at Ultraserfinco, said that the market expects a positive result from Ecopetrol due to the maintenance of the production levels and the oil prices on the rise abroad.

Meanwhile, Bancolombia's shares recovered ground due to a correction in prices, he said.

Avianca's shares fell despite the designation by the Colombian government of a third arbitrator to settle the prolonged dispute between the airline and the pilots' union.

The shares of Ecopetrol (+6.47%), Canacol (+1.85%), Bancolombia (+1.39%), Grupo Aval (+1.17%), and Preferencial Bancolombia (+1.21%) rose, while Cemargos (-4.01%), and Avianca (-2.94%) fell.

The locally traded U.S. dollar closed the day at 3,039.89 Colombian pesos, a subtle 0.06% rise, due to the expectation generated in the local market by the tax reform in the United States.

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