Added to the imminent rise in interest rates in the United States and Europe, in the midst of a global inflationary escalation hit by the war in Ukraine, are the local political and economic conditions that condition the progress of financial businesses.
Under this scenario, the rises in Argentine papers were led on the New York Stock Exchange by Ternum (+6.1%); BBVA Bank (+5.6%); Macro Bank (+5.1%); Black Hill (+5.%); and Edenor (+4.9%).
In the local stock market, meanwhile, the S&P Merval stock index of Argentine Stock Exchanges and Markets (BYMA) gained 2.3%, to 89,585 pointsagainst a contraction of 0.7% on Monday and a fall of 3% in April.
In the Argentine plane, “The growing political noise and the economic uncertainty act as short-term conditioning factors to be able to test a sustained recovery in the punished valuations”, said Gustavo Ber from Ber Studio.
He estimated that “the catalyst for this dynamic would be the presidential election next year, hence the operators are highly concentrated in the daily power disputes that are opening in advance in the main political forces, given their implications on the ‘electoral map'”.
A recent agreement with the International Monetary Fund (IMF) for some 44,000 million dollars, with the commitment to increase the reserves of the Central Bank (BCRA), reduce inflation and the fiscal deficit, increase interest rates to positive levels and cut energy subsidies, fails to calm investors’ doubts for the short and medium term.
It is that the public fights within the ruling coalition and inflation around 6% for April, condition the liquidity of the financial market, operators agree.
Bonds and country risk
In the fixed income segment, securities denominated in dollars rose to almost 4%, with increases led by the Bonar 2041 (+3.8%); the Bonar 2030 (+2.8%); and the Bonar 2035 (+2.6%). Meanwhile, the Globals closed with rises of up to 2.3% (2035).
Consequently, the Argentine country risk It fell 1.2% to 1,795 points, after hitting its highest since the end of March (1,816) on Monday.
In the weight segment, CER-adjustable securities closed with the majority of increases, highlighting the advance of the DIP0 (+2.5%); and PR13 (+1.2%),
Source: Ambito
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