The Colombian benchmark IGBC stock index rose on Tuesday lifted by
shares of state-controlled oil company Ecopetrol SA,
which were boosted by oil prices.
The stock index rose 2.4% to 7,855.65 points, its highest level since Oct. 9.
“The price of oil is approaching $50 a barrel, which is much higher
than a couple of weeks ago,” Ricardo Perez, a market analyst with local
brokerage Alianza Valores SA. He expects the price will fall again in
the coming weeks, bringing down prices of Ecopetrol’s shares.
Shares of Ecopetrol gained 2.5% to 2,090 Colombian pesos ($0.95).
Oil futures rose $1.17 to $49.98 a barrel amid a dispute between
Russian oil company OAO Gazprom and Ukraine over natural gas.
Oil prices have jumped in recent days amid the gas fight as well as the
conflict between Israel and Hamas in the Gaza Strip.
On the currency market, the peso strengthened to COP2,191.5 to the dollar from COP2,224.35 on Monday.
The yield on the benchmark 2020 peso-denominated local bond rose to 10.631% from 10.515% on Monday. (Dow Jones)