Colcap, the main index of the Colombian Stock Exchange, traded near stability in the eleventh hours of Wednesday’s session at 1,515.77 points, after experiencing severe volatility throughout the session.
Shares of Avianca and Bancolombia increased and reversed the low performance of Ecopetrol and Sura.
Ramses Pestanapalmett, an analyst at Ultraserfinco, said that Avianca was rising more than 10%, influenced by the change of recommendation made by JP Morgan from ‘neutral’ to ‘overweight.’
Meanwhile, the locally traded U.S. dollar closed at 2,862.00 Colombian pesos, marking a 0.91% increase. Wilson Tovar, an expert at Acciones & & Valores, stated that the greenback is reinforced by higher issuances of U.S. debt securities.
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