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Financial News: COLOMBIA: Colcap Rises 1.39% Tracking Oil Prices Abroad

COLOMBIA: Colcap Rises 1.39% Tracking Oil Prices Abroad

06/26/2018 - 20:03:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 1.39% to 1,543.80 points Tuesday, due to the rise in oil prices abroad.

Rodrigo Sanchez, an analyst at Ultraserfinco, said the rise in oil prices is following the demand by the United States to allied countries to stop buying Iranian crude, destabilizing the supply of the commodity.

The rebound in oil boosted the of Ecopetrol and the index in general as Colombia is a dependent oil country.

The shares of Conconcreto (+3.43%), Ecopetrol (+2.30%), Sura (+1.75%) and Preferencial Bancolombia (+1.41%) rose, while Avianca (-0.39%) closed lower.

The locally traded U.S. dollar closed at 2,930.50 Colombian pesos, marking a 0.41% rise, due to the uncertainty caused by the trade war between the United States and China.

Wilson Tovar, an analyst at Acciones & Valores, said that trade tensions should remain in the sights of investors as the United States, China, and the European Union materialize barriers.

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