Colombia markets rallied after the May 31 first round: the stock exchange jumped almost 7%, the peso firmed and risk fell, as investors eye reform.

Colombia's peso jumped and Ecopetrol rallied on Monday as markets cheered a first-round vote that sent De la Espriella and Cepeda to a June 21 runoff.

El peso colombiano se apreciaba más del 3% frente al dólar, mientras que las tasas de los swaps se desplomaban. El principal índice bursátil se disparó un 6% en la apertura, su…