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Financial News: COLOMBIA: Colcap Rises 0.76% Boosted By Banking Sector

COLOMBIA: Colcap Rises 0.76% Boosted By Banking Sector Shares

08/31/2017 - 21:38:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.76% Thursday, closing at 1,482.27 points, amid high trading volumes. The index had a monthly increase of 0.06%.

Ramses Pestanapalmett, an analyst at Ultraserfinco, said that several of Colcap's constituents rallied tracking Bancolombia and the banking sector as a whole. Ecopetrol was boosted by the rebalancing in the FTSE global index, which features several Colombian assets.

Banco de Bogotá rose 2.96% after posting 482 billion pesos in profits during the second quarter of 2017. Meanwhile, Ecopetrol gained 1.48% after reporting that it would launch next month the second stage of work in the Cupiagua gas plant, in southwestern Colombia.

The next phase will allow the company to increase its production by around 6,000 barrels of oil equivalent per day in fuels such as LPG, NGL (natural gas liquids) and C5 (pentane).

The shares of Bancolombia (+6.31%), Preferencial Bancolombia (+3.13%), Corficolombiana (+2.64%), Canacol (+1.75%), Cemargos (+0.95%), and Grupo Aval (+0.76%) also rose, while ETB (-1.77%), EEB (-1.27%), Avianca (-1.06%), and ISA (1.04%) fell.

The locally traded U.S. dollar closed the day at 2,949.30 Colombian pesos, marking a 0.15% decrease, amid expectation on the eve of the release of employment data in the United States, said Daniel Escobar, an analyst at Global Securities.

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