The Stock Exchange increased its operations by 68% this year compared to 2024, partly due to the strong performance of several corporate stocks. Here is the top 15 in terms of growth.
The Colombian Stock Exchange is registering performance levels above some of the most recognized stock markets in the world, such as the European and U.S. markets. This is due to several factors, but also to the excellent period that several of the country’s most prestigious companies, which have been on investors’ radar, are going through.
Mineros, Aval, and Davivienda
The list of companies with the highest returns on the local stock market is headed by Mineros. As of August this year, this security registered a 139.7% increase in its valuation (see infographic). In January, it was trading at just $4,255 and reached a closing price of $10,200 in just 8 months.
The company has undergone several changes this year: the Swiss firm Sun Valley Investments assumed majority management with an ambitious expansion plan. Additionally, Mineros carried out a share repurchase of 3,956,885 shares for $12 million between September 1 and 5.
In theory, this repurchase reduces the number of outstanding shares, which increases the value of the remaining ones and benefits shareholders. Additionally, this sends a positive signal of confidence about the company’s future.
Second place was taken by the preferred stock of Grupo Aval Acciones y Valores S.A., with a rebound of almost 50%. The financial conglomerate owns several of the country’s strongest banks, which is a guarantee of confidence for investors who have shown a greater appetite for stocks given the moderation of profitability in the fixed-rate market.
Furthermore, its subsidiaries have shown better financial performance this year. For example, Banco de Bogotá increased its profits by 17.2% as of July this year and ranked as the third with the highest earnings in the country.
The information shared by the Stock Exchange placed Davivienda in third position. Its preferred stock gained 37.8% in value as of August, when it was trading at $24,200. Although it has not been finalized, it is worth remembering that a merger process between “La Casita Roja” and Scotiabank Colpatria has been approved, which will consolidate Davivienda as the country’s second-largest banking institution. In fact, in August, this stock was selected as the favorite by 61.5% of analysts surveyed in the Fedesarrollo Financial Opinion Survey.
Cibest and Sura
The fourth with the highest appreciation is the preferred stock of Grupo Sura, with a rebound of 36.9% between January and August. Despite the natural market decline after the historic demerger with Grupo Argos last July, this security’s value rose from $26,020 to $35,640 at the close of the eighth month of 2025.
It must be said that investors of Grupo Sura and Grupo Argos welcomed the separation, as it diversified their portfolios with shares from both conglomerates.
Now, the Bancolombia case is particular. It should be remembered that on May 19, after a corporate reorganization, the Grupo Cibest stock debuted on the BVC, leaving behind the name Grupo Bancolombia. This is because Cibest became the new parent company of the bank with the highest earnings and widest coverage in the country.
Between January and May of this year, the ordinary security of the former parent company had a return of 36.4%; and the preferred a 21.2%. After the change, Cibest was valued at 15% and its preferred at 17.5% as of August.
Other stocks with notable returns have been Bogotá (30.75%), ISA (30.54%), Celsia (30.16), Grupo Bolívar (26%), Terpel (25.91%), and to close the top 10, the ordinary stock of Grupo Sura (24.6%).
Leader in Stock Market Profitability
The strong performance of these stocks has led the Colombian stock market to experience one of its best records in the last decade. The BVC’s main index, the MSCI Colcap, registered a price return of 33.8% as of August. If the average dividend of the companies that make up the basket is included, the total return exceeds 40%, placing Colombia among the most profitable stock markets globally.
“We are above benchmarks such as the S&P 500, the Nasdaq, and several European markets,” explained Nicolás Sánchez, deputy manager of Fixed Income and Derivative Instruments at Nuam. However, it must be said that this trend is not exclusive to Colombia: in Chile, for example, significant appreciations are also reported in its stock indices.
What is Behind the Boom?
Sánchez stated that one of the most relevant elements has been the greater market liquidity and the increase in trading volumes. In 2025, the BVC has increased its operations by 140% compared to 2023 and 68% compared to 2024, reaching a daily average of COP $140 billion, whereas just two years ago that figure was COP $59 billion.
The macroeconomic environment has also played a fundamental role. Inflation has fallen and the Central Bank of Colombia has initiated a cycle of interest rate reductions, which has increased the attractiveness of variable income compared to traditional savings instruments such as CDTs, which are now less profitable for investors due to their fixed rate reduction.
However, it should be noted that institutions such as Corficolombiana predict that the Central Bank’s board of directors will not be able to reach a consensus to further ease interest rates due to inflationary pressures that the country is experiencing, since as of July, it accelerated to 5.10% and has accumulated two months of increases.
Another factor is the solid performance of the companies listed on the Colcap. Several of them have reported robust profits and more generous dividend distributions, which has increased the market’s attractiveness. Currently, the index has an average dividend yield of more than 7%, one of the highest in Latin America.
For example, companies such as Cementos Argos, Bancolombia, Grupo Argos, and Grupo Sura have implemented share repurchases and public tender offers (PTOs), measures that have increased liquidity and contributed to correcting the undervaluation of several securities in the market.
It cannot be overlooked that the rise of digital trading platforms has boosted the participation of individual investors in the stock market. This dynamism in the retail segment has favored higher trading volumes and has also attracted foreign capital flows and interest from institutional investors, consolidating the growth of the local market.
For Juan David Ballén, director of Analysis and Strategy at Aval Casa de Bolsa, it is important to consider that stock prices are at very low levels compared to the growth in company profits, which has created an opportunity for the current appreciation that the market is experiencing.
“Added to this is the expectation of investors for the possibility of a political shift towards a leader with more pro-market policies at the end of the current term,” added Ballén.
Ecopetrol, out of the top 10
The state-owned oil company is the largest company in the country, despite suffering losses in its earnings: a drop of more than 46% in the second quarter of the year.
Its good results and earnings led it for years to be a safe trade on the BVC and to obtain the most significant valuations in the Colombian stock market for several periods. Today, it is outside the top 10 of companies with the strongest growth on the local stock exchange.
César Pabón, executive director of Economic Research at Corficolombiana, considers that Ecopetrol’s situation is more complex: “Beyond the company’s financial downturn, its reputational level and corporate governance have been hit, and that is affecting the stock’s performance in the market,” he said.
Why Invest in Stocks?
Stocks have not only shown a superior return to traditional savings, but they also allow citizens to become partners in companies that generate value in the national economy.
“Investing in stocks can be an attractive financial strategy, especially with a long-term and diversification vision. In addition to profitability, the stock market can be a key tool to achieve goals such as buying a home, paying for children’s education, or retirement,” said deputy manager Sánchez.
With returns exceeding 40% so far this year, the Colombian Stock Exchange is consolidating itself as a competitive destination for local and foreign investors seeking profitability amid a challenging global environment due to the uncertainty of global conflicts and trade wars.
Read the original article in elcolombiano.com published on Sept 22, 2025: Click here.
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