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Financial News: COLOMBIA: Colcap Trades 0.25% Higher Due To Oil

COLOMBIA: Colcap Trades 0.25% Higher Due To Oil Spike Abroad

01/23/2018 - 19:23:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.25% near the end of trade Tuesday to 1,561.80 points.

Natalia Granados, an analyst at Global Securities, noted that oil prices show low volatility and that the recent trading range stability - between US$ 62 and US$ 65 per barrel - favors the sustained rebound of state-owned oil company Ecopetrol's shares.

Avianca Holdings (-1.21%) informed through a press release that it formed the Latin Logistics Colombia company, with headquarters in Bogotá, through which it will provide logistics services to companies integrated under Avianca Holdings and to third parties.

The shares of Ecopetrol (+3.28%), Davivienda (+0.64%), and Preferencial Bancolombia (+0.13%) are rising, while Avianca (-1.21%), ISA (-0.96%), and Sura (-0.82%) trade lower.

The locally traded U.S. dollar closed at 2,856.00 Colombian pesos, marking a 0.12% rise, due to a retreat in euro's prices. Wilson Tovar, an analyst at Acciones & Valores, said that the euro is weakening due to the political situation in Germany, where Chancellor Angela Merkel did not get the regional leaders' support to her coalition, which leads to the retreat of the common currency.

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