Colombian stocks rose for a second straight day, ignoring another session of sharp losses in the U.S. markets, while the peso strengthened against the dollar.
The COLCAP index, a wide benchmark for Colombia’s largest publicly traded companies, rose 0.26% to close at 1582.2 points. The index is down 13.24% so far this year.
Among the most heavily traded stocks was Pacific Rubiales Energy, an oil firm with a double listing in Toronto and Bogota. In the Colombian bourse Rubiales climbed 1% to COP43,400.
The company’s shares, which have retreated for most of this year, have climbed in the last two sessions after the firm announced a surge in net profits in the second quarter. Higher crude prices on Wednesday also boosted the stock.
The preferential shares of Bancolombia SA, the country’s largest bank, fell 1.62% to COP26,800.
The peso, meanwhile, strengthened against the dollar. It closed at COP1,796 to the dollar from COP1,812 a day earlier. The yield on Colombia’s peso-denominated bond due in July 2024 closed at 7.467% after ending a day earlier at 7.640%.