Reuters logo
EMERGING MARKETS-Colombia peso jumps on OPEC plan to curb output
September 29, 2016 / 5:15 PM / a year ago

EMERGING MARKETS-Colombia peso jumps on OPEC plan to curb output

By Bruno Federowski
    SAO PAULO, Sept 29 (Reuters) - The Colombian peso jumped on
Thursday on optimism that OPEC's plan to cut oil output for the
first time in eight years could support crude prices.
    The Organization of the Petroleum Exporting Countries agreed
on Wednesday to cut output to 32.5 million-33.0 million barrels
per day (bpd) from around 33.5 million bpd, estimated by Reuters
to be the output level in August. 
    Colombia is highly dependent on oil as an export and source
of tax revenue. The peso slumped 25 percent last year as
crude prices fell to their lowest in over a decade.
    Other Latin American markets were mixed on Thursday after
reacting to OPEC's decision the day before, when Colombia's
currency market was closed.
    Brazil's Bovespa stock index fell 0.7 percent,
weighed by shares of blue chips such as lender Itaú Unibanco
Holding SA and state-controlled oil company Petróleo
Brasileiro SA.
    Traders booked profits on shares of Petrobras, as
the company is known, after it posted on Wednesday its best
daily performance in almost four months.
    Losses were limited by rising shares of wood pulp companies
after Fibria SA, Brazil's largest pulp producer,
announced plans to raise its price per tonne by $20 for pulp
sold on Asian markets. 
    Shares of steelmaker Gerdau SA rose 0.8 percent
after the government announced it will question U.S. trade
barriers against Brazilian steel exports at the World Trade
Organization (WTO). 
    Key Latin American stock indexes and currencies at 1655 GMT:
 Stock indexes                                daily %    YTD %
                                               change   change
 MSCI Emerging Markets                913.22     0.11    14.87
 MSCI LatAm                          2411.47    -0.04    31.84
 Brazil Bovespa                     58837.69    -0.87    35.73
 Mexico IPC                         47883.45    -0.34    11.42
 Chile IPSA                          4056.50    -0.18    10.22
 Chile IGPA                         20226.33    -0.17    11.43
 Argentina MerVal                   16907.02      0.9    44.81
 Colombia IGBC                       9907.16    -0.33    15.91
 Venezuela IBC                      12730.55    -0.42   -12.73
 Currencies                                   daily %    YTD %
                                               change   change
 Brazil real                          3.2312    -0.31    22.15
 Mexico peso                         19.4325    -0.24   -11.33
 Chile peso                            657.7     0.58     7.91
 Colombia peso                       2872.97     1.31    10.31
 Peru sol                              3.388    -0.47     0.77
 Argentina peso (interbank)          15.3925    -0.02   -15.66
 Argentina peso (parallel)             15.69     0.45    -9.05

 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below