19.11.201709:50:00UTC+00COLOMBIA: Colcap Rises On Financial Stocks And Avianca

Colcap, the main index of the Colombian Stock Exchange, was trading 0.35% higher near closing Friday, at 1,441.31 points on the good performance of financials and Avianca stocks.

Andr?s Fonseca, an analyst at Alianza Valores, said that the Colcap was rising due to the strong performance recorded by the financial sector. Fonseca highlighted the good performance of Avianca shares (+1.59%) leading the equity market in Colombia for the second consecutive day, following the release of its quarterly results.

Meanwhile, Ecopetrol (+0.29%) reported that its subsidiary in the United States, Ecopetrol America, was awarded four blocks for the deepwater exploration of hydrocarbons in the Gulf of Mexico.

The shares of Sura (+1.40%), Conconcreto (+1.01%), Preferencial Bancolombia (+0.97%), Grupo Aval (+0.78%), Bancolombia (+0.57%), and ISA (+0.45%), were also rising.

In the foreign exchange market, the locally traded U.S. dollar closed at 3,001.05 Colombian pesos, marking a 0.47% fall, amid demand for emerging currencies and the tax reform in the United States. Wilson Tovar, an analyst at Acciones & Valores, noted that the greenback shows a downward trend since the beginning of the week.