Colcap, the main index of the Colombian Stock Exchange, traded near stability in the last minutes of Wednesday’s session at 1,515.77 points, after experiencing extreme volatility during the session.
Shares of Avianca and Bancolombia rose and counterbalanced 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% rise. Wilson Tovar, an analyst at Acciones & Valores, said that the greenback is strengthened by higher issuances of U.S. debt securities.