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Financial News: COLOMBIA: Colcap Up 1.04% Tracking Banks And Oil

COLOMBIA: Colcap Up 1.04% Tracking Banks And Oil Sector Shares

07/12/2017 - 20:14:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 1.04%, closing at 1,490.01 points, tracking banking shares and oil stocks, which were boosted by an increase in oil prices abroad.

Felipe Espitia, an analyst at Alianza Valores, said that Bancolombia's (+1.75%) share price continued to grow thanks to Morgan Stanley's "overweight" recommendation. Ecopetrol (+1.46%) and Canacol Energy (+2.12%) rallied on the rise in oil prices after data showed that last week US inventories decreased by more than twice the expected.

Corficolombiana (+2.47%) and Avianca (+1.48%) also posted strong gains, while Banco de Bogot? fell by 1.11%.

The locally traded US dollar closed at 3,048.10 Colombian pesos, falling by 0.89%, due to the sustained rebound in crude prices, said Wilson Tovar, an analyst at Acciones & Valores.

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