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Financial News: COLOMBIA: Colcap Rises 1.21% Boosted By Bancolombia And

COLOMBIA: Colcap Rises 1.21% Boosted By Bancolombia And Ecopetrol

01/16/2018 - 22:41:00 (RTTNews)

(RTTNews) - Colcap, the benchmark index of the Colombian Stock Exchange, rose 1.21% near the end of trade Tuesday to 1,532.47 points, tracking the positive performance of Ecopetrol and Bancolombia shares.

Camilo Thomas, an analyst at Alianza Valores, noted that the ADRs Ecopetrol and Bancolombia in New York are favoring their performance in the local market due to the exchange rate.

The shares of Preferencial Bancolombia (+3.73%), Ecopetrol (+3.00%), Bancolombia (+2.05%), and Banco de Bogotá (+1.46%) are rising, while Canacol (-3.71%), Corficolombiana (-1.52%), Celsia (-1.36%), and Avianca (-0.69%) trade lower.

The locally traded U.S. dollar closed at 2,864.00 Colombian pesos, marking a 0.12% rise, due to the drop in oil prices abroad.

Wilson Tovar, an analyst at Acciones & Valores, noted that the demand for the commodity decreases as the market considers that the countries that are part of the production cut-off agreement could stop intervening in the market if prices continue to increase. The fall in oil prices strengthens the dollar against emerging currencies.

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