NEM - Ecopetrol GeoPark plunge after leftist wins Colombia's presidential election

Colombian markets plunge in Tuesday's trading, led by state-run energy company Ecopetrol's (NYSE:EC) -13.4%, after leftist Gustavo Petro won Colombia's presidential election while promising to move the country away from its reliance on energy exports. Geopark (NYSE:GPRK) and Gran Tierra Energy (NYSE:GTE), which have producing assets in Colombia, -6.8% and -5.3% respectively. Former guerilla Petro has pledged to stop awarding new oil exploration contracts, fire Ecopetrol's (EC) management, overhaul the country's pension system and increase taxes on the rich and large landowners. Petro does not have a majority bloc in Colombia's Congress, so some of his plans may proved difficult to implement. Precious metals miners with holding in the country include Newmont (NEM), Agnico Eagle Mines (AEM) and B2Gold (BTG), but all three are sporting gains. Ecopetrol (EC) recently announced an agreement to develop four deepwater blocks off the coast of Colombia with Occidental Petroleum.

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Ecopetrol, GeoPark plunge after leftist wins Colombia's presidential election