Ecopetrol shares posted the biggest rally in 11 months

Ecopetrol shares posted the biggest rally in 11 months

The shares of the largest company in Colombia, Ecopetrol SA, recorded the largest rebound in 11 months following investor reactions to Sunday’s presidential election. The state oil company rose 8.8% to 3,263 pesos in Bogota trading on Tuesday, when markets reopened after a holiday.

(Colombian assets soar after results of the first round).

Colombia’s bonds and currency also advanced after construction tycoon Rodolfo Hernandez defied polls and secured a place in the second round of elections. Investors are betting that he has a strong chance of keeping left-wing senator Gustavo Petro out of power.

(National gasoline improves its quality and approaches the premium standard).

Petro’s plan to gradually wither oil activity and transform Ecopetrol into a clean energy company worried some investors. Tuesday’s rally was also aided by a rise in crude oil prices. Hernández and Petro will meet in the second round on June 19.

BLOOMBERG

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