Colombian stocks recovered from earlier losses Tuesday to end in positive territory as energy companies notched modest gains on the back of a global rally in oil prices.
Shares of national oil company Ecopetrol (EC) rose 0.2% while Pacific Rubiales (PRE.T, PREC.BO), operator of Colombia’s largest oil field, rose 0.1%.
The peso gained to COP1,773.11 to the dollar from COP1,779.75 the previous day, despite remarks by Colombia Finance Minister Mauricio Cardenas, who said the peso should be 10% weaker at around COP1,980 to the dollar.
The yield on Colombia’s peso-denominated bond due in 2020 closed at 4.971% from 5.000% a day earlier. The lower yields come after the central bank Monday cut its key rate 25 basis points to 4.0% in an effort to stimulate the economy.