Colombian stocks recovered on Tuesday, following the U.S. market’s move higher on Monday afternoon.
The IGBC index rose 1.1% to 12,425.36 points, while the Colcap index, which includes Colombia’s largest companies by market capitalization, gained 1% to 1,467.76 points.
“In the last two sessions, we’ve seen the market falling basically because of the behavior of external markets, in particular the U.S.,” said Melissa Mantilla, an analyst with local brokerage Corredores Asociados. “Towards the end of the day [Monday], the U.S. market rose, and it’s continued its upward trend, so today the market here started to rise.”
Better-than-expected first-quarter results from Goldman Sachs had been “a tonic” for the market, said Jairo Lastra, a banking analyst with local brokerage Proyectar Valores SA.
Shares in state-controlled oil firm Ecopetrol rose 1.3% to COP17,992.02, ahead of the publication of the company’s first-quarter results on Monday.
The Colombian peso strengthened to COP1,947.00 against the dollar, from COP1951.90 at Monday’s close.
The yield on the benchmark peso-denominated bond maturing in 2020 rose to 8.340%, from 8.319% on Monday. (Matthew Briston / Dow Jones)
