Colombia stocks rose Wednesday fueled by a renewal of risk appetite by global investors after the European Commission set out its plan to shore up European banks.
The Colcap index, considered the Colombian Stock Exchange’s benchmark index, rose 0.89% to 1,610.92 points. The index is down 12% this year but 1.7% higher so far in October.
Among the biggest gainers Wednesday were Canadian oil firms Canacol and Pacific Rubiales. Shares of Calgary-based Canacol jumped 10.2% to COP1,335, while those of Toronto-based Rubiales rose 5.3% to COP44,280, the stock’s highest closing price in nearly three weeks.
The Colombian peso, meanwhile, closed at COP1,896.00 to the dollar, its highest closing level this month and 1.0% stronger from COP1,915.00 a day earlier. Analysts said the stronger peso is a result of broad interest in riskier, emerging markets assets following news out of Europe about possible solutions to that region’s debt crisis.
The yield on Colombia’s peso-denominated bond due July 2024 closed at 7.465%, after opening the session at 7.438%.
