Colombia markets rise in wake of government defeat in local elections

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Halifax District RCMP Seek Public Assistance to Identify Driver | SaltWireBOGOTA - Colombian markets rose on Monday, pushed higher on the view that the defeat of President Gustavo Petro's coalition in regional elections would dampen political capital for pushing a number of controversial reforms through Congress.

Petro, Colombia's first leftist president, has seen a sharp deterioration in approval ratings, according to opinion polls. The Colombian currency appreciated 1.19% to 4,060 pesos to the dollar, its highest level in five weeks while the MSCI Colcap index on Colombia's stock exchange rose 0.50% to 1,099.33 points.

Petro is pushing a raft of reforms through Congress, concerning pensions, health, and labor, which have caused uncertainty among business owners and investors.

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