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Financial News: COLOMBIA: Colcap Rises 0.15% On Bancolombia And Avianca

COLOMBIA: Colcap Rises 0.15% On Bancolombia And Avianca

09/24/2017 - 20:53:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.15% to close at 1,486.15 points Friday, boosted by Bancolombia and Avianca. During the week, however, the Colombian market fell 0.45%.

Andrés Fonseca, an analyst at Alianza Valores, said that a court ruling that favored Avianca in a litigation to the pilots union of pilots led to a 1.56% increase in shares.

Meanwhile, Bancolombia's preferred shares rose 1.42% following a report by Morgan Stanley recommending the shares of the bank traded abroad.

The ordinary shares of Bancolombia (+1.53%), Conconcreto (+0.99%), ETB (+0.97%), and Nutresa (+0.67%) also rose, while Cemargos (-1.02%), Davivienda (-0.90%), Celsia (-0.53%), Grupo Aval (-0.38%), and Ecopetrol (-0.36%) fell.

Meanwhile, the locally traded U.S. dollar closed the day at 2,905.80 Colombian pesos, marking a 0.32% fall, due to the increased perceived risk of political tensions between the United States and North Korea.

Wilson Tovar, an analyst at Acciones & Valores, pointed out that the greenback is giving way to other reserve currencies abroad, especially the Japanese yen.

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