Colombia Markets: COLCAP & the Peso — September 8, 2026
Key Facts
- Colombia’s COLCAP closed at a record 2,565.37, up 0.82% and 20.81 points on Monday.
- The index finished at its high for the day, having opened at 2,554.84 and never traded below 2,551.62.
- The peso firmed to about 3,119 per dollar, a gain of roughly 0.35% on the session.
- Grupo Sura preferred shares led the market, rising 5.07%, with Davivienda and Corficolombiana close behind.
- August inflation came in at 6.24%, published after the close and above the 6.03% recorded in July.
- The central bank rate is 12.00%, held on a four to three vote in July, with the next decision on September 30.
Today’s Focus
Colombia’s COLCAP set an all-time high on Monday. The index rose 0.82% to 2,565.37, adding 20.81 points.
It closed at the day’s peak. The index opened at 2,554.84 and its low of 2,551.62 still sat above Friday’s close.
The peso strengthened alongside it, to about 3,119 per dollar. That is a gain of roughly 0.35%, against an official rate of 3,126.08.
What matters today. August inflation reached 6.24% and landed after the equity close, so Monday’s rally did not price it in.
01 The session in one read
Colombia traded while much of the region did not. Wall Street was shut for Labour Day and Brazil was closed for Independence Day.
That did not stop the market. The COLCAP gained 0.82% to 2,565.37, its first close above the 2,565 mark.
Financial stocks did the lifting. Grupo Sura preferred shares rose 5.07%, Davivienda preferred added 2.04% and Corficolombiana preferred gained 2.02%.
Government bonds firmed too. The peso curve posted moderate gains at the middle and long end.
The sequence matters more than the level. Colombia set its record and its peso gain during trading hours, and the August inflation print landed at six in the evening. So the rally was positioning, not a reaction, and it was struck at 6.03% inflation rather than the 6.24% now on the table. The variable to watch is whether the tax reform reaching Congress this month is judged credible enough to hold the gain.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| MSCI COLCAP | 2,565.37 | +0.82% | All-time high, up 20.81 points |
| USD/COP, market close | 3,118.85 | −0.35% | Peso stronger; range 3,114 to 3,140 |
| USD/COP, official rate | 3,126.08 | — | Spot closed about seven pesos below the TRM |
| Grupo Sura pref. | — | +5.07% | The day’s clear leader |
| Davivienda pref. | — | +2.04% | Bank name among the top gainers |
| ETB | — | −3.94% | Telecom was the weakest performer |
| August inflation | 6.24% | from 6.03% | Released after the close, above forecast |
The peso’s intraday range ran from 3,114 to 3,140. It settled near the strong end, at about 3,118.85.
Note the two different dollar rates. The market close and the official TRM are set at different times, and they diverged by roughly seven pesos on Monday. Rio Times · Live Market Intelligence
Live Market IntelligenceColombia — Live Market Board
Colombia — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
COLCAP
2,565.50
+0.82%
—
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 — positioning before the data
There was no single piece of news behind the record. Investors were positioning ahead of the August inflation release, which the statistics agency published at six in the evening.
That timing is the key detail. The equity close came first, so the record was set on the market’s expectation rather than on the number itself.
The number was worse than expected. Consumer prices rose 0.39% on the month, against a forecast of 0.27%, taking the annual rate to 6.24%.
Housing and utilities contributed 1.78 percentage points and food 1.16. Restaurants and hotels were up 9.36% over the year, and health 8.3%.
The central bank holds its rate at 12.00%, decided in July on a four to three vote. Three board members wanted an increase of half a point.
04 The government backdrop
President Abelardo de la Espriella took office on August 7. His economic programme is the frame for the market’s current optimism.
Finance Minister Miguel Gomez Martinez will file a tax reform with Congress this month. The government has also promised to remove the wealth tax.
Other pledges include a freeze on public spending, a recovery plan for Ecopetrol and authorisation of what the government calls responsible and sustainable fracking. Business groups have responded positively.
The fiscal starting point is difficult. The magnitude 7.4 earthquake of August 10 killed about 285 people, and reconstruction costs are now a live budget question.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| COLCAP | Colombia | +0.82% |
| IPSA | Chile | −0.01% |
| S&P/BMV IPC | Mexico | −0.21% |
| Merval | Argentina | −0.50% |
| Ibovespa | Brazil | closed |
Colombia was the only regional market that rose on Monday. It was also the only one to set a record.
Higher crude helps. Brent traded near US$98, and oil royalties are a direct input to the Colombian budget.
06 The rate and inflation picture
Inflation has now risen for a second month, from 6.03% in July to 6.24% in August. The central bank targets 3%.
Governor Leonardo Villar expects the year to end near 6.9%. He has said inflation will stay above target through 2027.
The policy rate is 12.00%, one of the highest real rates in the region. The July vote split four to three, with the minority pushing for a rise.
The next decision is on September 30. Monday’s inflation figure makes a cut very unlikely.
07 What to watch
- The tax reform: Finance Minister Gomez Martinez files it this month. Its revenue assumptions decide whether the equity rally holds.
- The September 30 rate decision: A 6.24% inflation print keeps the 12.00% rate in place. Watch the vote split for the direction of the next move.
- Earthquake reconstruction: The August 10 quake left a large and still uncosted bill. It competes directly with the spending freeze.
- Ecopetrol and crude: Brent near US$98 supports royalties. Ecopetrol closed its US$1.2 billion Brava Energia purchase in Brazil last month.
- The 2,565 level: The index closed exactly at its record. Holding above it would confirm the breakout.
Frequently Asked Questions
Why did the COLCAP set a record on Monday?
Financial stocks rallied, led by Grupo Sura preferred shares up 5.07%. Investors were positioning ahead of the August inflation release, which came after the close.
What is the COLCAP?
It is Colombia’s main stock index, tracking the most liquid shares on the Colombian stock exchange. It closed at 2,565.37 on Monday.
Where is Colombian inflation?
Consumer prices rose 6.24% in the year to August, up from 6.03% in July. The central bank targets 3%.
What is the central bank rate?
It stands at 12.00%, held in July on a four to three vote. The next decision is on September 30.
COLCAP — Market data: RT; exchange figures from BVC
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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