Member access

4-Traders Homepage  >  Shares  >  BOLSA DE VALORES DE COLOMBIA  >  Ecopetrol S.A.    ECO   COC04PA00016

ECOPETROL S.A. (ECO)

4
SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Ecopetrol S.A. : Colombia Stocks Continue To Rally, Led By Ecopetrol

05/02/2012 | 05:15pm US/Eastern

Colombian stocks extended their rally to five straight sessions Wednesday as oil shares surged higher amid a better-than-forecast earnings report from state energy company Ecopetrol (ECOPETROL.BO, EC).

The Colcap, which is the Colombian Stock Exchange's benchmark index, climbed 1.6%, to end at 1,814.12 points. Wednesday's gains put the index at its highest closing level since December 2010, effectively erasing its 14% decline last year.

Ecopetrol shares rose 2.6% to close at COP5,850, its highest ever. The oil company late Monday announced a 28% increase in unconsolidated net income in the first quarter compared with that quarter of 2011, to $2.5 billion.

Markets in Colombia were closed Tuesday for the May Day labor celebrations.

Meanwhile, the Colombian peso ended near its strongest level in more than a year, at COP1,756.60 for a dollar from COP1,762.40 a day earlier, according to Set-FX.

The Colombia Central Bank said Monday it would extend by three months its daily purchase of at least $20 million in the forex market, aimed at preventing excessive peso strength. Some investors were hoping the bank would increase the minimum amount to $30 million or so.

The dollar purchases will now continue to at least Nov. 4, from the previous planned end-date of Aug. 2.

The yield on Colombia's peso-denominated bond due July 2024 closed at 7.090% after beginning the session at 7.108%. Yields have been declining for weeks due to lower consumer price inflation that's expected to continue trending lower.

-By Dan Molinski, Dow Jones Newswires; 57-310-867-6542; dan.molinski@dowjones.com

React to this article
Latest news on ECOPETROL S.A.
01/20DJOil Majors Show Early Interest in Mexico Bidding Round
01/08 ECOPETROL : filed its 2013 Annual Report on Form 20-F
01/02 FRIDAY'S ETF MOVERS : Pin, ilf
01/01 ECOPETROL : Colombias Ecopetrol imported 20 oil product cargoes, exported eight ..
2014 ECOPETROL : Colombia's Ecopetrol Cuts 2015 Output Goal 7.2% From This Year
2014 ECOPETROL : cost-cutting investment plan set at $7.86 bln
2014 ECOPETROL : 2015 investment plan shrinks to $7.86 bln
2014 ECOPETROL : Announces 2015 Investment Plan To Maintain Production With Greater C..
2014 ECOPETROL : Board of Directors Provides Succession Plan for the Company's Presid..
2014 ECOPETROL : Announces 2015 Investment Plan to Maintain Production with Greater C..
Advertisement
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF