Colombia Stocks Rise 0.44% as Oil Climbs | Colombia Market Report, Oct 23
Key Facts
- Colombia’s main stock index, the COLCAP, rose 0.44% to 2,539.59 points on Friday.
- The peso strengthened 0.31% to 3,187 per US dollar, even though the dollar index rose 0.14%.
- Ecopetrol and Bancolombia rose 4.6% and 1.4% in New York, as oil prices climbed again.
- Wall Street fell: the S&P 500 lost 0.52% and the VIX volatility gauge rose 2.2% to 19.45.
Today’s Focus
Colombian stocks rose on Friday, 23 October, and the peso gained against the dollar, helped by higher oil prices. The COLCAP gained 0.44% to 2,539.59 points, according to La República.
The Brent oil benchmark settled about 3.1% higher at US$116.72 a barrel. Oil is Colombia’s largest export, so higher prices support the peso and the government’s revenue.
What matters today. Oil strength and a firmer peso outweighed a weak day on Wall Street.
01 The session in one read
Colombia’s COLCAP index, which tracks the biggest and most traded shares on the Bogotá exchange, closed at 2,539.59 on Friday. That was 11.10 points, or 0.44%, above Thursday’s close of 2,528.49.
The peso also strengthened. One US dollar bought 3,187 pesos at the close, 0.31% fewer than on Thursday.
Colombia’s economy depends on oil exports, so it often moves with crude prices. On Friday that link helped, as the S&P 500 fell 0.52% and Nasdaq lost 0.2%.
The picture is positive but not strong. The index and the peso gained, but the move was modest and Wall Street was weak.
A rally in crude is a double-edged factor for Colombia. It lifts exports and tax income, but it can also raise fuel prices and inflation.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| COLCAP | 2,539.59 | +0.44% | Up 11.10 points |
| USD/COP | 3,187 | −0.31% | Peso firmer |
| Brent crude (US$ per barrel) | 116.72 | +3.1% | Settlement |
| VIX volatility gauge | 19.45 | +2.21% | US nervousness |
The COLCAP gain follows a 1.25% fall on 22 October, so it recovers part of that loss. The peso strengthened despite a firmer dollar, which suggests local support. Rio Times · Live Market Intelligence
Live Market IntelligenceColombia — Live Market Board
Colombia — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
COLCAP
2,540.10
+0.46%
—
9.04
9.05
9.02
4,133
USD/COP
3,140
+0.03%
-22.04%
3,139
3,141
3,105
—
BRENT
88.88
-0.03%
+34.42%
88.91
90.07
88.12
29,713
WTI
83.11
-0.11%
+31.57%
83.20
84.35
82.40
166,848
ECOPETROL
16.92
-0.53%
+98.01%
17.01
17.05
16.79
737,591
BANCOLOMBIA
95.87
-2.18%
+96.15%
98.01
100.36
95.73
188,740
GRUPO AVAL
5.40
+2.66%
+76.89%
5.26
5.49
5.32
146,447
TECNOGLASS
42.30
-1.10%
-48.04%
42.77
42.73
42.05
60,908
CREDICORP
375.17
-0.49%
+49.60%
377.00
384.43
372.27
88,375
BUENAVENTURA
34.45
-1.02%
+88.07%
34.80
35.62
34.33
275,831
SOUTHERN COPPER
193.97
-0.26%
+104.01%
194.48
199.36
192.59
367,102
03 Why it moved: oil and a firmer peso
Oil was the main local factor. Brent settled at US$116.72 a barrel, supported by fears over supply from the Middle East.
Higher oil usually helps Colombian energy companies and public finances. Ecopetrol’s American shares rose 4.6% to US$17.80.
The global backdrop was less helpful. The VIX, Wall Street’s fear gauge, rose 2.2% to 19.45.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Ecopetrol (EC, New York) | US$17.80 | +4.64% | State-controlled oil company |
| Bancolombia (CIB, New York) | US$98.00 | +1.41% | Major bank |
| Brent crude | US$116.72 | +3.10% | Oil price supports the economy |
Single-stock closes from Bogotá were not available at publication, so the table shows New York-listed Colombian companies and oil. Ecopetrol led the move.
Bancolombia, a major Colombian bank, also gained, though by less.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| COLCAP | Colombia | +0.44% |
| Ibovespa | Brazil | +0.47% |
| S&P/BMV IPC | Mexico | −0.30% |
| S&P IPSA | Chile | −0.31% |
| MSCI Merval | Argentina | +4.4% |
Colombia, Brazil and Argentina rose on Friday, while Mexico and Chile fell slightly.
Commodity-linked markets did better than those more exposed to US technology shares.
06 The technical picture
The COLCAP is holding above 2,500, which is the first level traders will watch. A close below it would show that the bounce has stalled.
The peso has traded between about 3,160 and 3,200 per dollar in recent sessions. A drop in oil would remove an important support.
07 What to watch
- Oil: Whether Brent holds above US$115 a barrel.
- Wall Street: More weakness in US technology shares would limit appetite for Latin American assets.
- The peso: Whether it can hold below 3,200 per dollar.
- The COLCAP: The 2,500-point level.
Background: Colombia’s 12.25% Rate Faces 30 Oct Vote.
Background: Colombia Stocks Fall 1.25% as Peso Slips.
Frequently Asked Questions
What is the COLCAP?
Colombia’s main stock index. It tracks the largest and most traded shares on the Bogotá stock exchange.
Why did the peso strengthen?
The dollar fell 0.31% to 3,187 pesos, helped by higher oil prices, which support Colombia’s exports.
How did Colombian companies do in New York?
Ecopetrol rose 4.6% and Bancolombia 1.4%.
How did other Latin American markets perform?
Brazil rose 0.47% and Argentina 4.4%, while Mexico fell 0.30% and Chile 0.31%.
Market data: RT; COLCAP data from La República; exchange-rate data from the Banco de la República
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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