Venezuela’s stock market witnessed an extraordinary rally on January 6, with the Caracas Stock Exchange (IBC index) jumping nearly 50% in a single session, extending gains to about 67% over two trading days, according to market data and widely shared visuals circulating online.
The sharp move followed a strong session on January 5, when the Caracas Stock Exchange closed almost 17% higher, reacting to reports of the capture of President Nicolas Maduro by the United States. The scale and speed of the rally suggest investors are interpreting recent developments as a potentially constructive turning point for Venezuela’s long-troubled political and economic landscape.
The Bolsa de Valores de Caracas (BVC), founded in 1947, is the smallest stock exchange in South America, with active trading limited to around 15 listed companies. Despite its small size and thin liquidity, the index move has drawn global attention due to its magnitude.
Alongside equities, Venezuelan sovereign bonds and debt issued by state-run oil company PDVSA have also rallied sharply on hopes of regime change and a possible path toward debt restructuring. Prices of defaulted Venezuelan bonds have more than doubled in recent months, trading in the 23–33 cents on the dollar range, with investors citing the potential for recovery values to eventually rise to 50–60 cents, according to a Reuters report dated January 5.
US President Donald Trump said over the weekend that the United States would oversee Venezuela until a leadership transition is arranged, with a focus on restoring the country’s oil infrastructure. However, Venezuela’s debt situation remains highly complex, with about $154 billion owed across bonds, loans and court rulings. Market participants note that any restructuring is unlikely before a permanent government is established.
Adding uncertainty, Venezuelan Vice President Delcy Rodriguez initially appeared open to dialogue, according to Trump, but later publicly called for Maduro’s return, describing US actions as “barbaric,” highlighting that political risks remain elevated despite the market rally.
