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Financial News: COLOMBIA: Stocks Rise 0.78% Boosted By Oil Price

COLOMBIA: Stocks Rise 0.78% Boosted By Oil Price Spike

05/09/2018 - 21:00:00 (RTTNews)

(RTTNews) - Colcap, the benchmark stock market index in Colombia, rose 0.78% to 1.558,46 Wednesday as oil prices reached their highest level in more than three years, boosting emerging market assets and energy sector companies, like Ecopetrol (+2.43%).

Erika Baquero, an analyst at Alianza Valores, said that the increase in geopolitical tensions in the Middle East after the United States withdrew from the nuclear pact with Iran brought volatility to oil markets, sending prices 3% higher today.

The locally traded US dollar moved in the opposite direction, falling 0.31% to 2,864,00 pesos.

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