The financial markets remain cautious after the central bank (BCRA) announced late on Tuesday incentives for the grain export sector to attract dollars to the reduced coffers of the monetary entity. The BCRA proposed to soybean producers that they sell holdings before August 31 as an exchange hedge through a deposit with a rate equivalent to the daily devaluation for up to 70% of the sale, and with the remaining 30%, the possibility to buy dollars at the official exchange rate, plus the COUNTRY tax (30%) and withholdings on account of the public revenue administration -AFIP- (35%).
“In no way is it about an agro dollar, or a differential exchange rate, we only enable two investment instruments for soybean producers“, affirmed Pesce in radio statements. “It benefits soybean producers who still have the grain and the difficulty in selling it was due to the lack of an investment opportunity that would preserve the value of their assets,” he added.
At first, the measure was taken with caution by the agro-export sector and by market operators, who are analyzing its implementation.
“The improvement is marginal, although it will increase settlement, especially sales not yet settled, it is not expected to produce a significant change in the dynamics of the market,” estimated Roberto Geretto, from Fundcorp.
“There are visits (official controls) to operators, that’s why the market is very small”said a market source.
The Ministry of Economy will tender this Wednesday Bonds and Treasury Bills in search of local financing for some 270,000 million pesos to cover maturities.
S&P Merval and ADRs
The S&P Merval stock index rises 1.6% to 122,012.09 units, after reaching a historical maximum level of 121,436.69 points the day before. The Merval comes from gaining 12.24% in the four previous sessions. In this way, the leading panel raises and scores its 8th raise on 9 wheels. On the contrary, the Merval measured in dollars fell 3.2% and accumulated losses of more than 16% in the year.
In an expectant context due to the rise in rates by the Federal Reserve (Fed) and with world stock markets on the rise, Argentine papers listed in New York rise up to 5% led by Mercado Libre, followed by Despegar (4.6%) and Globant SA (4.3%). Also, The strong rise in the shares of the oil company Vista stands out, up to 11% after the report of its quarterly balance.
After the close of the market on Tuesday, the shares of Miguel Galuccio’s oil company flew after reporting an adjusted net profit of $82.3 million in the second quarter, compared to profit of $17.5 million reported in the same period of 2021.
Vista, Argentina’s third-largest oil producer, announced earnings before taxes, interest, depreciation and amortization (EBITDA) at $202.1 million, a 98% year-over-year increase. In the April-June period, Vista’s oil production grew 17% year-on-year and hydrocarbons 12%. The oil company reported revenue of 294.3 million dollars, 78% more than in the second quarter of 2021 “driven by the increase in production and realized oil prices,” he explained.
Source: Ambito
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