Colombian stocks inched higher Monday, fueled by oil shares in the country’s main index, while the peso strengthened against the dollar for a second-straight trading day.
The IGBC index, the Colombian benchmark, rose 0.08% to 15077.93 points. The increase was led by shares of Pacific Rubiales Energy, a Toronto-based oil firm that ranks as the largest independent oil producer in Colombia. Pacific Rubiales climbed 1.42% to COP64,500.
Ecopetrol SA, Colombia’s state-run oil firm, rose 0.13% to COP3,970. Ecopetrol and Pacific Rubiales seemed to receive a boost from higher oil prices Monday, with the main European oil futures contract settling at $101.01 per barrel, the highest level since Sept. 26 2008.
The peso, meanwhile, strengthened against the dollar and closed at COP1,866.75 from COP1,870.00 on Friday. The yield on the benchmark 2020, peso-denominated bond stood at 7.939% from 7.934% on Friday.