The leading stock index S&P Merval from Buenos Aires It gained 0.31% this Friday, to 123,713.12 units in a selective market, after closing with a rise of 0.98% on Thursday.
For their part, external markets improved in response to signs of lower inflationary pressures, which fueled increases in global stocks.
“In equities, volatility is still the order of the day in the world itself, and Argentina is an even more complicated underworld. It is time to wait for some drivers to see if the change that this new economic team proposes can really be put into practice“, said Nicholas Church, of Personal Portfolio Investments.
It should be remembered that on Thursday, with the highest monthly inflation in two decades, and the reaction of the Central Bank, which surprised with a very strong rate hike, Argentine stocks and bonds operated in positive territory despite a very volatile international market. , which erased early gains, following Wednesday’s euphoria in response to a lower-than-expected US CPI.
Against that backdrop, along with a steep drop of financial exchange ratesthe leading S&P Merval index it gained 1%, to 123,333.93 units, chaining seven advances in the last 8 wheels.
YPF shares rose 3.5% after reporting earnings of 94,063 million pesos (751.2 million dollars) in the second quarter of the year on Wednesday, compared to a loss of 46,262 million pesos in the same quarter of the previous year. Also highlighted in the day was the performance of Transportadora de Gas del Sur (+4.6%), and BBVA bank (+3.1%).
Meanwhile, the market remains attentive to the implementation of a series of economic measures recently announced by the new Economy Minister, Sergio Massa, which seek to lower the fiscal deficit, strengthen BCRA reserves, reduce inflation and give a greater boost to trade.
Bonds and country risk
In the fixed income segment, sovereign bonds denominated in dollars they rebounded on Thursday to more than 3.5%, after a similar fall in the previous day, and finally following the sentiment of their emerging peers. Advances Responded to Global 2038 (+3.5%); to Global 2041 (+2.8%) and Global 2030 (+2.4%).
For his part, the risk country measured by JP Morgan bank down 1.4% 2,442 units.
The Ministry of Economy tendered this Thursday some $182.0000 million three Treasury Bills in pesos maturing in 2022 and 2023, after achieving 85% acceptance this week in a debt swap with short-term maturity for some 2 trillion pesos (about 14.95 billion dollars) for dual bonds (dollar -link/inflation) maturing in June, July and September 2023.
The dual bonds manage to protect the investor against inflation and/or devaluation, explained Delphos Investment and pointed out that “We think the stocks have some appeal. However, considering the sheer mass of maturities coming up next year, investors should be cautious.”
Source: Ambito
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