The Buenos Aires stock market rebounded strongly yesterday, after registering three falls in a row. This happened within the framework of a day marked by the presentation of third quarter results of some key Argentine firms and in the final stretch towards the presidential runoff.
The S&P Merval climbed 6.7% to 623,995.59 points. The leading panel had just lost 10.6% in the previous three sessions. In this way, the stock index recorded its biggest increase in three weeks, since last October 17.
In this framework, the stocks that make up the leading panel operated with general increases, led by Ternium, which rose 16.1%. It was followed by the roles of Aluar (15.5%) and Central Puerto (8.6%).
Days before the second presidential round, “the poll tracker shows a very close race between the current minister Massa and the libertarian Milei,” said the JP bank. Morgan in the last report of him. “As usual, we note that recent history requires that surveys and polls be taken with caution. However, we believe that there is information incorporated in terms of levels, trends and possible turning points,” he noted.
The Buenos Aires stock market has seen an improvement of around 195% so far this year, compared to an inflation estimated by analysts of 180% for all of 2023, placing it among the 10 nations with the greatest pressure on retail prices in the world.
On Wall Street, shares of Argentine companies ended mixed. The ADRs that marked the greatest increases were those of Edenor (5.4%), BBVA (4.1%) and Telecom (3.6%). Meanwhile, those that fell the most were Grupo Supervielle (2.3%), IRSA (1.9%) and Mercado Libre (1.8%).
For their part, dollar bonds closed with a majority of losses, amidst the investment uncertainty that is growing 10 days before the presidential runoff. Affected by the negative trend of emerging bonds, the most pronounced falls in sovereign securities were led by Global 2030 (2.3%), Global 2035 (2.1%) and Bonar 2030 (1.5%). . On the other hand, only Global 2029 (4%) and Bonar 2041 (0.7%) rose.
In this framework, the country risk rebounded 0.28% to 2,466 basis points, the first increase in three days.