The shares of Transportadora de Gas del Sur stood out at the conference with an improvement of 10.5%, followed by the titles of Northern Gas Carrier (+9.9%); and Cresud (+9.5%).
The local market, which rearranged its prices after the holiday the day before, when local assets traded with firm increases abroad, prudently celebrated that The IMF will approve the US$45 billion program that it signed with Argentina for the payment of the debt, after more than a year of negotiations, something that will allow the country to avoid default with the international credit organization.
Along with the agreement, which received 100% approval -the last vote was from the USA-the IMF board approved the disbursement of US$9,650 million immediately. In addition, it gave the country the possibility of run the payment of the next two maturities without falling into default.
The reduction of the fiscal deficit, the rise in interest rates and the cut in energy subsidies are key requirements of the agreement, which does not require labor or pension system reforms.
“Finally all the formal steps with the IMF were closed and now a new stage begins for Argentina, although what is coming is very difficult to comply with, but at least a breath of oxygen is achieved and a worrying ‘default’ is avoided”, synthesized a banking analyst.
The agreement establishes a grace period of four and a half years, and extends disbursement payments to 10 years, so that the South American country will begin to pay off the debt in 2026 and end in 2034.
Operators affirmed that the new agreement with the IMF and the recent “time bridge” reached with the Paris Club are good news for the market, although investors remain immersed in growing doubts about the future of the local economy, amid political tensions within the government coalition.
In terms of news from listed companies, Pampa Energía, one of the main energy companies in Argentina, is analyzing participating in two tenders in Ecuador to expand the supply of electricity through wind farms and a combined cycle plantcompany president Marcelo Mindlin told Reuters.
For its part, on Wall Street, the ADRs of Argentine companies on the New York Stock Exchange closed with a majority of gains, on a day in which Transportadora de Gas del Sur led that lot with an increase of 5.5%.
In the fixed income segment, sovereign bonds denominated in dollars recorded increases of up to 2.6% after the endorsement of the IMF to the agreement with Argentina, after four consecutive low sessions.
The main ascents of the day were scored by Bonar 2030 (+2.6%); Global 2030 (+2.1%); and the Global 2038 (+2.1%).
For his part, the argentine country risk prepared by the bank JP.Morgan it fell 0.8% to 1,803 units.
Source: Ambito
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