BUZZ-Colombian ADRs rise after right-wing presidential candidate's win
GeoPark Ltd GPRK | 0.00 | |
Greenland Acquisition Corporation - Ordinary Shares GLAC | 0.00 | |
Grupo Aval Acciones y Valores SA Sponsored ADR Pfd AVAL | 0.00 | |
Ecopetrol SA Sponsored ADR EC | 0.00 | |
Global X MSCI Colombia ETF COLO | 0.00 |
** U.S.-listed shares of Colombian companies rise premarket after right-wing candidate Abelardo De La Espriella narrowly wins Sunday's presidential election
** De La Espriella has proposed business-friendly policies which include trimming the size of the state, broadening the tax base, cutting corporate taxes, and restarting oil exploration
** "With today’s official confirmation of Abelardo de la Espriella’s victory, we view the result as confirmation of a policy regime change, which should support a broader re-rating in Colombian equities," J.P Morgan analysts say
** State run oil firm Ecopetrol EC.N jumps 5.6% and financial conglomerate Grupo Aval AVAL.K rises 6.1%
** Financial firm Grupo Cibest CIBEST.CN gains 3.7%, while oil and gas explorer Geopark GPRK.N adds 1.8%
** Global X MSCI Colombia ETF COLO.P advances 5.4%
** Up to Friday' close, the MSCI COLCAP index .COLCAP has gained over 21% YTD