On Wall Street, Argentine papers closed mixed although there were increases of up to 4.6% led by YPF, followed by Pampa Energía (+4.3%), Tenaris (+3.5%) and Central Puerto (+3.4 %). The declines belonged to Banco Superville (-6.3%), and Edenor (-1.3%). The sharp decline in the first case was due to the fact that the credit institution’s balance sheet was worse than expected. “Net earnings have been negative for several quarters. This time the losses were two billion, which represents 4.5 times the red of the previous quarter and 3.8 those of the second quarter of 2021 (measuring the variables in constant pesos),” Delphos Investment reported.
During the day, the total volume in equities was $8,988 million, of which $2,706 million were traded in shares of Argentine companies, and $5,801 million in Cedear.
On the other hand, it was confirmed that the head of the Treasury will travel to the United States in the first days of September to hold various meetings, according to the Argentine ambassador in Washington, Jorge Argüello. “In the first days of September, we are going to receive the visit of the new Economy Minister, Sergio Massa, who is going to have meetings not only with the IMF, but also with authorities from the Treasury, the White House, multinational banks,” Argüello said in a speech at the Council of the Americas.
Bonds and country risk
In the fixed income segment, sovereign bonds closed with most losses. Thus, the declines were led by Global 2029 (-4.6%), and Bonar 2041 (-1.6%). The increases corresponded to Bonar 2041 (+6%) and Global 2035 (+2.7%). The country-risk prepared by the JP. Morgan bank rose 0.78% to 2,441 basis points.
For their part, dollar-linked sovereign bonds fell 0.5% on average, and only T2V3 rose 1%. Meanwhile, CER-adjusted debt, short Lecers and Boncers rose 0.3%, while long Boncers and 2005 swap bonds fell 0.4% on average.
Finally, “the demand for the 2023 duals continues, which rose by 1.5%, closing at the highest of the day, concentrating the volume again on TDJ23 (due in June 2023),” reported the SBS Group.
The Minister of Economy promised to attack the high inflation projected at 90% by 2022, the growing fiscal deficit, reinforce the reserves of the central bank (BCRA) and reactivate trade. Faced with the complex panorama, the market shows a notorious selectivity in segmentation of operations and volumes operated.
Source: Ambito
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