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Colombian markets plunge in Tuesday’s buying and selling, led by state-run vitality firm Ecopetrol’s (NYSE:EC) -13.4%, after leftist Gustavo Petro won Colombia’s presidential election whereas promising to maneuver the nation away from its reliance on vitality exports.
Geopark (NYSE:GPRK) and Gran Tierra Power (NYSE:GTE), which have producing belongings in Colombia, -6.8% and -5.3% respectively.
Former guerilla Petro has pledged to cease awarding new oil exploration contracts, fireplace Ecopetrol’s (EC) administration, overhaul the nation’s pension system and improve taxes on the wealthy and huge landowners.
Petro doesn’t have a majority bloc in Colombia’s Congress, so a few of his plans might proved tough to implement.
Valuable metals miners with holding within the nation embrace Newmont (NEM), Agnico Eagle Mines (AEM) and B2Gold (BTG), however all three are sporting good points.
Ecopetrol (EC) not too long ago introduced an settlement to develop four deepwater blocks off the coast of Colombia with Occidental Petroleum.
