The S&P Merval stock index gained 0.6% to 91,558.17 points amid an unstable and volume-cut session. The stock market had fallen by 1.4% in the previous two days.
They showed a good performance the actions of Loma Negra (+3.2%), Transportadora Gas del Sur (+3.2%); Transener (+3.2%); and Cablevisión (+3.1%).
For its part, the falls of the wheel were recorded by Galicia Financial Group (-1.5%); Aluar (-1.4%); BBVA Argentina (-1%); Macro Bank (-0.2%); and Mirgor (-0.2%).
On Wall Street, meanwhile, Argentine stocks closed with most rises. The podium of the most outstanding uploads was made up of: Corporación América (+3.4%); Irsa (+3.1%); and Transportadora Gas del Sur (+3%).
On the contrary, the casualties corresponded to the papers of Globant (-2%); Galicia Financial Group (-1.9%); BBVA Bank (-1.2%); and Telecom Argentina (-0.5%).
At the global level, the position of the Federal Reserve (Fed) “It continues to cause concern given that the victim of its most determined fight against inflation would ultimately be economic activity”, said an economist.
Furthermore, Russia’s invasion of Ukraine continues to be in the global spotlight. Ukraine on Thursday stepped up its calls for financial sanctions tough enough to force Moscow to end the war.
At the local level, local political tensions would have “possible implications in the management and implementation of the strategies agreed upon with the IMF,” one trader said.
The country’s recent agreement with the International Monetary Fund (IMF), in the midst of discrepancies within the Government, it dispelled fears of non-payment with the agency but raised doubts about the implementation of the agreed guidelines. The understanding, which provides for quarterly controls, has the commitment to reduce inflation, reduce the fiscal deficit, increase interest rates and eliminate energy subsidies, among other demands.
This Thursday activity data for February was released, with industry showing an advance of 4% m/m (8.7% y/y), while construction climbed 7.2% m/m (8.6% y/y).
In the US, prior to the March inflation data that will be released this Friday, It was a volatile day with the indices closing in the positive after being down for much of the day. Thus, the S&P 500 gained 0.4% and the Nasdaq 0.1%.
For its part, the long part of the US Treasury curve continued to sell, with the 10-year bond rate rising 6 points to 2.65%, a level not seen since 2019.
Bonds and country risk
In the fixed income segment, the bonds denominated in dollars closed with drops in bonars and disparate prices among global ones.
Among the former, the decline in Bonar 2029 (-1.2%); while among the latter, Global 2038 gained 0.8%, while Global 2029 lost 1.1%. On the other hand, the country risk of Argentina It rose 17 units to 1,727 basis points.
Meanwhile, titles in pesos tied to inflation rebounded strongly, posting rises that exceeded 5%, such was the case of the Quasipar (+5.1%), followed by the Discount (+1%).
“The CER debt was requested throughout the curve, mostly in the medium and long section”remarked from the SBS Group. Next week the government will announce March inflation, which, according to private consultants, could be around 6%, against a firm 4.7% in February and a projection of around 60% for 2022.
Meanwhile, dollar-linked sovereign bonds also showed good demand and closed with average increases of 0.3%, with better performance from TV23, which with good volume rose 0.5% (it already yields -1.5% tna) .
“Investors are betting on the rate in pesos. That is, they disarm their positions in dollars and move to pesos, looking for a rate, to later repurchase those dollars. The famous ‘carry trade,'” said Gonzalo Gaviña from Portfolio Personal Inversiones.
Operators speculate that the monetary entity will raise its reference rate by at least another 150 basis points in April to a minimum range of 46% annual nominal, according to a recent Reuters poll.
Source: Ambito
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