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The markets receive Sergio Massa with optimism: ADRs and bonds climb up to 7%

The markets receive Sergio Massa with optimism: ADRs and bonds climb up to 7%

The officialization of Sergio Massa to the national Cabinet in a position of “super minister”, since he will be in charge of the economic, productive and agricultural areas of the country, creates expectations of upcoming economic announcements that clarify the direction of the domestic economy. “The market moves by expectations” said an operator and stated that “in economic matters we are the same as yesterday”.

Thus, the main rises in dollar bonds in the short section are for the Overall 2029 (+6.5%)in the middle section for Bonar 2035 (+4.6%)and in the long section for the Global 2046 (+8.3%). The country risk measured by the JPMorgan bank fell 130 basis points to 2,408 unitscompared to an intraday historical maximum level of 2,976 units recorded this week.

This Friday, the country risk reaches the lowest level since the departure of Martín Guzmán from the Palacio de Hacienda. Before her resignation, that indicator was at 2,374 points, as soon as Silvina Batakis arrived, it jumped to 2,574 and just a week ago it was close to 3,000 points.

Stocks and ADRs

The S&P Merval stock index in Buenos Aires started the day on the rise, although it later reversed its trend. So falls 1.7%, to 125,191.46after setting a record intra-hourly maximum value of 130,650.78 units on Thursday and accumulating a rise of close to 20% in the previous six business sessions.

In the leading panel, the greatest increase was for BYMA with 4.4%, while the losses were led by Transportadora Gas del Norte (-4.3%), Pampa Energía (-3.6%), and Telecom (-3.6%). -3.3%).

The change in trend occurs in tune with the sharp fall in financial dollars. Thus the CCL -operated with the Global 2030- sinks 12.3% to $282.23 while the MEP dollar -also valued with the Global 2030down 7% to $277.30.

“It’s premature to see a change in expectations as there were no announcements, just names”said a stock trader, noting that “in the market prices are tempting and speculative purchases are always there”. The new cabinet is expected to announce economic measures in the coming days, as Massa will have to give up his seat in Congress before taking office as minister.

For their part, Argentine companies listed on Wall Street are listed with most increases. Thus, Banco Supervielle (+6.9%), YPF (+5.9%), and Grupo Financiero Galicia (+5.8%) lead the increases.

Source: Ambito

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