Warning: strong fall of Ecopetrol, Grupo Aval and Bancolombia in the pre-opening of Wall Street after the triumph of Gustavo Petro

Warning: strong fall of Ecopetrol, Grupo Aval and Bancolombia in the pre-opening of Wall Street after the triumph of Gustavo Petro

This Monday was a holiday in the United States due to the Juneteenth, which commemorates the freedom of African Americans after the Civil War, so investors had to wait until Tuesday to find out what reaction the shares of Colombian companies listed on Wall Street will have.

And it is that the victory of Gustavo Petro this Sunday June 19 marks a historic stage in Colombia, being the first left-wing president to come to powerafter receiving 11.2 million votes (50.44%) against Rodolfo Hernández’s 10.5 million votes (47.31%).

Although the New York Stock Exchange opens at 8:30 a.m. (Colombian time), trading begins to show before the market, which is called pre-opening.

For instance, Ecopetrol’s ADR (a bundle of four shares) drops 4.87% pre-open and is trading at $13.68.. While Grupo Aval, owned by Luis Carlos Sarmiento Angulo, fell 0.74% to US$4.01.

Bancolombia is another Colombian company listed on Wall Street and its ADR is down 0.64% before the open and is trading at US$37.50.

investors too they are waiting to see what will happen to the stocks of the companies in Colombiaespecially from Ecopetrol, Mineros and Canacol Energy, because during his political campaign Gustavo Petro made clear his opposition to mining in the country and his intention to stop oil exploration if he reached home from Narino.

The Colombian Stock Exchange opens at 8:30 a.m., but last Friday, Ecopetrol stock closed at $2,760, down 1.95%. While Canacol Energy finished at $8,200 (0.12%) and Mineros at $2,805 (0.36%).

As for Bancolombia, the stock closed Friday at $39,600 (-2.22%), while prime had a price of $36,510 (0.41%). The price of Grupo Aval preferred stock was $807, with an increase of 0.88%. The common stock closed at $802 (1.88%).

Colombian scholarship
The Colombian Stock Exchange opens at 8:30 am. – Photo: BVC

The Toronto Stock Exchange also reacts to Petro

Investors will also pay attention to the behavior of the Toronto Stock Exchange, since several companies operating in the country are listed there, above all, oil and mining companies, because we know that Gustavo Petro is an opponent of these sectors.

In Toronto, there are more mining and oil companies with operations in Colombia. For example, the action of Gran Tierra Energy, with 26 oil blocks in Colombia, TSX closed yesterday down 10.9%since this Monday was business in this country.

While Parex Resources, Colombia’s largest independent oil and gas company, fell 5.6% in Toronto on Monday. For its part, the action of Canacol Energy, the largest gas producer in Colombia after Ecopetrol, fell 3.7% on the day.

As for mining companies, the share of the Colombian Mineros SA fell by 7.5%, while GCM Mining (formerly Gran Colombia Gold) fell just 0.80%. Both companies are gold producers in the department of Antioquia.

The price of the dollar has been on a roller coaster.  For now, uncertainty and volatility will remain.
The dollar in Colombia opened with a price of $4,080. – Photo: istock

Dollar opens sharply higher after Petro win

The dollar in Colombia opened this Tuesday, June 21 with a sharp rise. According to the Colombian Stock Exchange, This coin opened with a price of $4,080, which is well above the representative market rate set this Tuesday by SuperFinancial at $3,905.05.

Economist and stock analyst Andrés Moreno Jaramillo predicts that the dollar in Colombia will rise by around $150 and that the value of BVC shares will fall by 10%, due to the nervousness generated in the markets by the victory of Gustavo Petro the last Sunday.

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