Ecopetrol’s ADR (EC), the main Colombian issuer on the New York Stock Exchange (NYSE), shows a more moderate gain of +16%.
The stock market performance of Colombian companies with a presence in international markets has shown a marked divergence in 2025, reflecting the contrasts between sectors and the sensitivity to commodity prices, interest rates, and the local political landscape. Among the most prominent securities is Mineros (MSA), listed on the Toronto Stock Exchange (TSX), which has accumulated a sharp increase of +214% year-to-date, consolidating its position as the best-performing Colombian stock in international markets.
The momentum of Mineros is largely explained by the recovery of the international gold price (above US$4,000), which has strengthened its role as a safe-haven asset amid global volatility and geopolitical tensions. Added to this is more efficient operational management, a strategy of geographical diversification in its operations, and cost reduction at its alluvial mines. The result has been a sustained expansion of margins and renewed interest from foreign institutional investors.
In the financial sector, the ADRs of Grupo Aval (AVAL) and Bancolombia (CIB) are also recording positive performance, with advances of +98% and +79%, respectively. Both stocks have benefited from an environment of greater macroeconomic stability in Colombia, the recent stabilization of the interest rates set by the Banco de la República, and an improvement in the quality of the loan portfolio. Bancolombia, in particular, has stood out for its solid earnings and the expansion of its digital platform, while Grupo Aval has seen a revaluation of its financial subsidiaries and its infrastructure business.
For its part, the ADR of Ecopetrol (EC), the main Colombian issuer on the New York Stock Exchange (NYSE), shows a more moderate gain of +16%, in a context of relatively stable oil prices and challenges stemming from the energy transition and regulatory uncertainty in the country. Although dividends continue to be an attraction for investors, the market maintains a cautious outlook regarding changes in energy policy and the future of gas and fossil fuels.
In contrast, the stock of Tecnoglass (TGLS)—the Barranquilla-based architectural glass company listed in New York—has had a negative performance of -24% in 2025.
Collectively, the performance of these stocks demonstrates that international investors’ appetite for Colombian issuers remains selective. Sectors linked to raw materials, such as mining and energy, continue to be the main drivers of stock market value, while the performance of financial institutions reflects a gradual confidence in the domestic economic recovery.
If the trend for Mineros is sustained, 2025 could mark an inflection point for the Colombian gold sector, confirming gold as the star asset of the year and consolidating the company as one of the major Latin American benchmarks in sustainable and profitable mining.
Read the original article in Valora Analitik published on oct 31, 2025: Click here.
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