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Financial News: COLOMBIA: Colcap Trades Stable As Ecopetrol And Avianca

COLOMBIA: Colcap Trades Stable As Ecopetrol And Avianca Prevent Losses

11/29/2017 - 21:56:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, trades stable before the end of the session, at 1,446.95 points, supported by the performance of share of Ecopetrol and Avianca.

Erika Baquero, an analyst at Alianza Valores, said that the airline is picking up after its minority partner Kingsland Holding withdrew a lawsuit against the parent company.

Avianca reiterated in a statement that it continues to negotiate a strategic and commercial alliance with the U.S. United Airlines and expects to finalize an agreement to be announced still this year.

The shares of Avianca (+2.82%), Ecopetrol (+2.02%), Nutresa (+0.66%), and Éxito (+0.62%) are rising, while ETB (-1.56%), Grupo Aval (-1.19%), and Conconcreto (-0.97%) trade down.

The locally traded U.S. dollar closed at 3,007.00 Colombian pesos, marking a 0.36% rise, on the eve of the meeting of the Organization of Petroleum Exporting Countries (OPEC). Wilson Tovar, an analyst at Acciones & Valores, noted that the uncertainty related to the OPEC meeting and the decisions made by the cartel boosts the greenback against emerging currencies.

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