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Financial News: COLOMBIA: Oil Prices Rise And Lead Stock Market

COLOMBIA: Oil Prices Rise And Lead Stock Market Higher

07/06/2017 - 19:10:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose slightly today (+0.05%), closing at 1,481.32 points, tracking Ecopetrol's and Canacol's shares amid a rebound in oil prices abroad.

David Santos, an analyst at Compass Group, stated that the local market showed a downward trend and that it slightly rebounded due to the performance of Ecopetrol and some financial companies such as Corficolombiana, Grupo Aval, Banco de Bogot?, Suramericana and Davivienda.

Locally traded US dollar closed at 3,096.00 Colombian pesos, a 0.38% increase, also due to the recovery in oil prices.

Diego Velasquez, an analyst at Valoralta, said that the oil barrel price below US$ 50 pushes the peso down since Colombian oil exports are a significant source of foreign currency.

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