Billionaire’s Bid Boosts Colcap to Best Rally Since Pandemic Hit
- Colombia exchange soars 6% after Gilinski offer for Sura
- Grupo Sura, Argos stocks rise more than 20% following bid
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Colombian stocks jumped the most since the Covid-19 pandemic began, buoyed by a billionaire banker’s move to shake up the normally sleepy market.
The MSCI Colcap Index rose as much as 6% in dollar terms Wednesday, the most in the world after Argentina’s Merval index, according to data compiled by Bloomberg. The rally, the biggest since March 2020, came after Jaime Gilinski made his second offer in less than a month to take a substantial stake in a Colombian company.