Colombia Stocks Rise 0.99%; Peso Extends Gains

Colombian stocks climbed Tuesday led by sharp gains in shares of Canada-based oil company Pacific Rubiales Energy Corp. (PRE.T).

The IGBC index, the market's benchmark, rose 0.99% to close at 14197.88 points.

Rubiales shares, which trade in both Toronto and Bogota, jumped 3.46% Tuesday to COP49,100 as they began to rebound from a nine-month low of COP46,440 on June 17.

The company's stock price has been hurt by lower global oil prices in recent months and less-than-expected production and reserves figures for its oil fields, which are located in Colombia.

For the year, Rubiales shares are down 22%.

The peso, meanwhile, strengthened against the dollar for a second session to close at COP1,780.50 to the dollar, from COP1,786.60 Monday.

The yield on the Colombian government's benchmark 2020 peso denominated bond stood at 7.661%, from 7.666% in the last trading session.

Berny Polanía

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