Colombia Stocks Rise On Higher Oil Prices; Peso Treads Water
April 26 2012 - 5:13PM
Dow Jones News
Colombian stocks climbed Thursday, driven by a rise in global
prices for oil that pushed up heavily traded shares of oil firms
Ecopetrol (ECOPETROL.BO, EC) and Pacific Rubiales (PRE.T,
PREC.BO).
The Colcap, which is the Colombian Stock Exchange's benchmark
index, climbed 0.58% to end at 1,759.62 points.
Shares of Ecopetrol rose 1.7% to COP5,510, while Canada-based
Rubiales shares also gained 1.7%, ending at COP50,960.
Meanwhile, the Colombian peso ended virtually unchanged at
COP1,762.20 per dollar from COP1,761.85 a day earlier, according to
Set-FX.
The peso is 9% stronger against the dollar this year due to a
record amount of foreign direct investment. Some analysts believe
Colombia's central bank will announce new intervention plans Monday
to prevent further strength in the currency.
The yield on Colombia's peso-denominated bond due July 2024
closed at 7.099% after beginning the session at 7.017%. Yields have
been declining due to lower inflation data.
-By Dan Molinski, Dow Jones Newswires; 57-310-867-6542;
dan.molinski@dowjones.com
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