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Financial News: COLOMBIA: Colcap Rises 0.17% Supported By Bancolombia

COLOMBIA: Colcap Rises 0.17% Supported By Bancolombia

06/13/2018 - 19:23:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.17% Wednesday at 1,553.18 points, due to the good performance of Bancolombia's shares.

Rodrigo Sanchez, an analyst at Ultraserfinco, noted that the shares of the financial institution are picking up after the recommendation made by Bank of America to increase Bancolombia's target price, especially its ADRs traded in Wall Street.

The analyst said that this fact causes investors to raise their expectations of the future price of the asset or its potential value.

The shares of Preferencial Bancolombia (+1.18%), Cemargos (+1.00%), Cemex (+0.58%), Sura (+0.51%), and Ecopetrol (+0.17%) closed higher, while Celsia (-1.60%), Promigas (-1.54%) and Conconcreto (-1.41%) fell.

The locally traded U.S. dollar closed at 2,858.50 Colombian pesos, marking a 0.10% drop due to the rise in oil prices abroad.

Natalia Granados, an analyst at Global Securities, noted that oil prices rebounded after the fall in the crude oil inventories in the United States.

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