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
