Colombia’s benchmark index rose Tuesday, bucking a trend of five consecutive sessions of declines, fueled by gains in oil stocks.
The IGBC index, which includes Colombia’s blue-chip companies, climbed 0.91% to 14548.36 points. The gains by the index were led by Canacol Energy, an oil firm listed in Toronto and Bogota. Canacol (CNE.V; CAAEF) rose 5.11% and closed at COP2,985 after announcing that it had successfully drilled a well with a capacity to produce 19,066 barrels of crude per day.
Ecopetrol SA (ECOPETROL.BO, EC), Colombia’s state-run oil firm, rose 1.53% to COP3,990 and Pacific Rubiales Energy (PRE.T, PEGFF), an oil company based in Toronto, gained a modest 0.17% to COP57,600.
The Colombian peso, meanwhile, weakened to 1,885.00 to the dollar from 1,872.00 a day earlier. The yield on the benchmark, peso-denominated bond due 2020 stood at 8.189% from 8.068% a day earlier.