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Financial News: COLOMBIA: Colcap Rises Slightly Driven By Ecopetrol

COLOMBIA: Colcap Rises Slightly Driven By Ecopetrol

11/22/2017 - 20:35:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, traded higher (+0.10%) shortly before closing Wednesday at 1,449.94 points, tracking the rise of Ecopetrol's shares.

David Santos, an analyst at Compass Group, indicated that the shares of the state-owned oil company are picking up after the announcement of its investments plans for 2018.

Ecopetrol plans to invest between US$ 3.5 billion and US$ 4 billion in 2018, a 35% to 55% increase compared to the investment estimated for 2017.

Santos said that the good performance shown by Ecopetrol contrasts with the low performance of the financial sector, as investors show some skepticism due to the results seen so far in the third quarter.

The shares of Ecopetrol (+1.44%), Corficolombiana (+1.33%), Canacol (+0.92%), and Nutresa (+0.37%) rose, while Conconcreto (-1.48%), ETB (-1.37%), and Davivienda (-1.19%).

The locally traded U.S. dollar closed at 2,978.00 Colombian pesos, marking a 0.54% fall, while investors were waiting for the release of minutes of the last United States Federal Reserve's board meeting. Wilson Tovar, an analyst at Acciones & Valores, said that the greenback weakened against the main global currencies.

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