Colombian stocks rose to a seven-month high Thursday as heavily traded shares of energy companies gained as a result of higher global oil prices and strong fourth-quarter earnings.
The Colcap index, which tracks blue-chip stocks on the Colombian Stock Exchange, rose 1.7% to end at 1705.02 points. Thursday was the first time the index has closed above 1700 points since July 5. The Colcap is 8.5% higher this year.
Shares of national oil-company Ecopetrol rose 3.3% to COP4,970 after the company disclosed an 85% jump in profits last year due to higher oil prices and rising production. Shares of Pacific Rubiales, Colombia’s largest independent producer, rose 2.1% to COP48,500.
The Colombian peso strengthened to close at COP1,784.50 to the dollar from COP1,794.60 a day earlier, as the U.S. currency saw broad declines.
The yield on Colombia’s peso-denominated bond due July 2024 closed at 7.330%, after beginning the session at 7.370%.
