The main increases corresponded to Cablevisión (+2.9%), Telecom (+2.7%), and Ternium (+2.5%). The declines were led by Mirgor (-2.8%), Loma Negra (-1.7%), and BYMA (-1.6%).
In the global context, the confinements in China due to a strong outbreak of Covid-19, added to the war in Ukraine and the rise in the rates of the main central banks to contain global inflation, cast doubt on world economic growth.
In turn, at the local level, the agreement with the IMF that restructured maturities for some US$44 billion still casts doubt on investor optimism since the administration of Alberto Fernández must meet the agreed goals in the midst of a strong inflationary escalation.
“The concerns about the slowdown in economic growth, as a result of a Federal Reserve with more aggressive policies in order to act on the acceleration of inflation that the United States is going through. Added to this, concerns about the advance of Covid-19 in China do not cease and the market knows it“, said Noelia Bisso of Rava Bursátil.
For its part, Research for Traders analyzed: “The complicated global context with the imminent rise in interest rates that the Fed would carry out in May also worries investorsadded to this the differences that exist in the government coalition in Argentina, and the war between Russia and Ukraine”.
On Wall Street, US stocks rallied after a sharp drop on Tuesday that led the Nasdaq to lose almost 4%. The good results of Microsoft and Visa raised the spirits of investorswhich also remains expectant in the face of the slowdown in world growth and a more aggressive monetary policy.
In this context, ADRs rose to 8.2% thanks to Ternium. Despegar (+5.6%), and Telecom (+4.8%) also grew strongly. In particular, Ternium announced that it plans to invest US$600 million this year. The firm, controlled by the Techint group, will use the resources to boost production at its plants, especially in Mexico, which accounted for 53% of steel shipments in the first quarter of 2022.
Bonds and country risk
In the fixed income segment, bonds denominated in dollars closed with the majority of increases. Thus, the Global 2046, which lost 6.2% the previous day, closed with a gain of 1.5%. For its part, the Bonar 2041 grew 0.9% and the Bonar 2029 rose 0.7%. The only decrease corresponded to Bonar 2038 (-0.2%).
The Argentine country risk that the JP. Morgan bank elaborates daily rises 1.3% to 1,778 basic points.
For its part, in the segment of fixed income but of bonds in pesos tied to the CER, the greatest increase was for the CUAP (+1.6%), followed by the PARP (+1.1%) and the TX23 (+0). .6%).
Source: Ambito
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