Colombia Markets: COLCAP & the Peso — July 4, 2026

Colombia · Markets

The Big Three

The peso is the real story, not the index USD/COP closed at 3,367 — down 0.60% on the day and 13.9% below its 52-week high of 3,909, its strongest level in over six years. A 12% policy rate and post-election calm are pulling yield-seeking capital into Colombian assets faster than a flat equity tape suggests.

Colombian equities are clinging to the top of their range The GXG proxy eased just 0.22% to 41.55, sitting only 6.3% below its 52-week high of 44.34 and a world away from the 27.29 floor. After a near-70% 12-month surge in local terms, this is consolidation, not capitulation.

Beneath a flat close, a violent rotation ETB has ripped to a one-year high on turnover leadership while Ecopetrol’s governance saga has repeatedly gutted the tape — the largest member can single-handedly decide whether the index is red or green.

Colombian equities (GXG)

41.55

-0.22%

6.3% below 52w high 44.34; range 27.29-44.34

USD/COP

3,367

-0.60%

6-year peso high; 13.9% below 52w high 3,909

ETB

102.00

+6.81%

52-week high; two-day surge >23%

Cementos Argos Pf

12,000

+6.38%

Second straight strong session

Banco de Bogotá

38,320

+2.02%

Financials bid

Bancolombia Pf

66,540

-1.57%

Heaviest financial drag

Davivienda Pf

23,420

-2.42%

Session’s biggest loser

S&P 500

7,483

+0.00%

1.7% below 52w high 7,610

Market

Last

Day

S&P 500

7,483

+0.00%

USD/COP

3,367

-0.60%

Session at a glance

Instrument

Close

Move

Note

Colombian equities (GXG)

41.55

-0.22%

6.3% below 52w high; range 27.29-44.34

USD/COP

3,367

-0.60%

6-year peso high; 13.9% below 52w high

COLCAP (local)

~2,260

+0.01%

Steadied after rate hike to 12%

S&P 500

7,483

+0.00%

1.7% below 52w high 7,610

Most-traded names – where the money went

Stock

Move

Close

Why it moved

ETB

+6.81%

102.00

Extended prior +15.85%; new 52-week high on speculative flows

Cementos Argos Pf

+6.38%

12,000

Cement/construction bid; second strong session

Banco de Bogotá

+2.02%

38,320

Financials caught a rate-carry bid

Bancolombia Pf

-1.57%

66,540

Largest bank preferred sold; heaviest financial drag

BVC (exchange)

-2.21%

15,960

Bourse operator eased

Davivienda Pf

-2.42%

23,420

Session’s weakest large-cap

01The peso does the heavy lifting

The number that matters closed at 3,367. USD/COP fell another 0.60% to sit 13.9% below its 52-week high of 3,909 — the strongest the peso has been in over six years.

Equities were the quiet partner: the GXG proxy eased 0.22% to 41.55, holding just 6.3% below its 52-week peak of 44.34 against a range floor of 27.29. Locally the COLCAP added 0.01% at the close, with ETB the standout, rising 6.81% to 102.00.

That is consolidation at altitude, not a retreat. The story is capital arriving via the currency while the index digests a sharp rate rise.

02ETB flies, the banks split

ETB was again the most-talked-about ticker. Shares in ETB rose to 52-week highs, up 6.81% to 102.00 — on top of the prior session’s near-16% leap, a two-day surge of more than 23% in a thinly-covered telecom.

Cement led the industrial bid. Cementos Argos Pf added 6.38% to 12,000 and Banco de Bogotá rose 2.02% to 38,320.

The weakness clustered in financials and the exchange itself. Banco Davivienda Pf fell 2.42% to 23,420, the Bolsa de Valores de Colombia declined 2.21% to 15,960, and Bancolombia Pf dropped 1.57% to 66,540.

Live Market IntelligenceColombia — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Colombia — Live Market Board

BVC · Bogotá

Jul 4, 2026 · 04:22

MSCI COLCAP · benchmark

2,295.72

+1.57%

L 9.02day rangeH 9.05

Market breadth · 9 names

78% advancing

7 ▲ advancing2 declining ▼

Currencies, rates & key inputs

USD / COP

3,332

-1.62%

Brent crude

72.13

+0.46%

WTI crude

68.78

+0.13%

Sector heatmap · average move today

Mining

+1.78%

BUENAVENTURA

Energy

+1.73%

ECOPETROL

Other

+0.83%

BRENT, WTI, SOUTHERN COPPER

Financials

+0.65%

BANCOLOMBIA, GRUPO AVAL, CREDICORP

Industrials

-2.87%

TECNOGLASS

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil

174,070

+0.74%

S&P/BMV IPCMexico

67,060

-0.02%

S&P IPSAChile

10,821

+99.04%

S&P MERVALArgentina

3,196,900

+1.26%

MSCI COLCAPColombia

2,295.72

+1.57%

BVL S&P PerúPeru

55,809.71

+0.30%

Full instrument board

Instrument

Last

Change

YoY

Prev.

High

Low

Volume

COLCAP

2,295.72

+1.57%

—

9.04

9.05

9.02

4,133

USD/COP

3,332

-1.62%

-16.46%

3,387

3,369

3,319

—

BRENT

72.13

+0.46%

+4.84%

71.80

72.49

71.34

15,791

WTI

68.78

+0.13%

+2.66%

68.69

69.26

68.08

48,758

ECOPETROL

14.70

+1.73%

+60.31%

14.45

14.88

14.43

2,312,911

BANCOLOMBIA

79.15

+1.24%

+71.73%

78.18

80.37

78.31

284,012

GRUPO AVAL

5.06

-0.39%

+75.09%

5.08

5.28

5.03

57,093

TECNOGLASS

45.62

-2.87%

-41.54%

46.97

47.59

45.30

215,514

CREDICORP

391.21

+1.09%

+72.15%

387.00

396.38

388.93

245,165

BUENAVENTURA

29.72

+1.78%

+77.96%

29.20

30.75

29.33

1,248,952

SOUTHERN COPPER

172.01

+1.90%

+68.42%

168.80

175.89

169.14

1,454,584

Largest moves today

TECNOGLASS

45.62

-2.87%

SOUTHERN COPPER

172.01

+1.90%

BUENAVENTURA

29.72

+1.78%

ECOPETROL

14.70

+1.73%

USD/COP

3,332

-1.62%

COLCAP

2,295.72

+1.57%

BANCOLOMBIA

79.15

+1.24%

CREDICORP

391.21

+1.09%

The session read

The MSCI COLCAP rose 1.57%, with breadth positive — 7 of 9 names higher. Mining led, while Industrials lagged.

From The Rio Times

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03A 12% rate, an oil giant and an August handover

Sitting behind the tape is monetary policy running against the regional grain. Colombia’s central bank raised its benchmark rate 75bp to 12% on June 30, above the 11.75% most analysts expected, deepening a tightening cycle that has run against the grain of almost every other central bank in the Americas.

The driver is inflation that will not fall. Headline inflation was 5.8% in May and core inflation 6.0%, both far above the 3% target, and Governor Villar expects inflation to end 2026 above 6% and reach target only in 2028. That 12% rate gives Colombia a wide gap between borrowing cost and inflation, a spread that tends to attract yield-seeking foreign money and support the peso.

The wildcard remains Ecopetrol, whose governance fight has repeatedly whipsawed the index. For a foreign investor, the lesson is that the COLCAP can be pushed around by company-specific news at its largest member — a weak Ecopetrol day and a weak index day are often the same thing.

The read-through: own the carry, respect the concentration risk. Market-friendly president-elect Abelardo De La Espriella takes office in August, inheriting both the fight against inflation and the standoff between the government and its central bank — and how he handles that will shape whether Colombia’s high rates read as discipline or dysfunction.

What to Watch

Next session: Whether ETB’s parabolic run holds or reverses after a >23% two-day move to fresh highs.

Macro: Peso momentum — a sustained break below 3,367 would confirm the six-year strength is more than carry noise.

Corporate: Any resolution on Ecopetrol governance; the heavyweight can flip the index on its own.

Ahead: De La Espriella’s August inauguration and the government-central bank rate standoff.

Frequently Asked Questions

Why did the Colombian peso strengthen?

A 12% policy rate gives Colombia a wide gap between its borrowing cost and inflation, a spread that tends to attract yield-seeking foreign money and support the peso. It closed at 3,367, a six-year high.

Where does the equity index sit versus its 52-week range?

The GXG proxy closed at 41.55, only 6.3% below its 52-week high of 44.34 and far above the 27.29 low — near the top of its range.

What was the biggest single-stock move?

ETB rose 6.81% to 102.00, a fresh 52-week high, extending a near-16% jump from the prior session.

Why is the central bank raising rates when others are cutting?

The reason is inflation that simply will not fall; the June hike deepens a tightening cycle running against the grain of almost every other central bank in the Americas.

What is the key risk for foreign investors?

Index concentration in Ecopetrol. A weak Ecopetrol day and a weak index day are often the same thing.

Reported for The Rio Times — Colombia Markets. Filed Saturday, July 4, 2026 — 00:10 BRT. Sources: EODHD, CNBC, Reuters. Previously: July 3 · July 2