Colombia’s benchmark blue-chip index rose Tuesday, pushed higher by gains in the country’s largest oil firms, while the peso resumed its gains against the dollar.
The Colcap index, Colombia’s benchmark for the most liquid pubic companies, rose 0.46% to end the day 1649.71 points. The index, which lost 14% in 2011, has climbed 4.97% this year.
The index, which is heavily dominated by oil shares, was fueled by gains in state-run energy firm Ecopetrol SA (EC, ECOPETROL.BO). Ecopetrol’s shares rose 0.86% to COP4,680.
Pacific Rubiales Energy (PEGFF, PRE.T), a Toronto-based oil firm that ranks as Colombia’s largest private crude-oil producer, rose 0.92% to COP46,200.
The peso, meanwhile, strengthened to COP1,783.00 from COP1,786.00 a day earlier. The peso has gained nearly 8% against the dollar this year, a trend that forced the central bank to start intervening this week in the foreign-exchange market by buying $20 million daily.
The yield on Colombia’s peso-denominated bond due July 2024 closed at 7.388%, after beginning the session at 7.400%.