YPF’s ADR led the increases with 7.8%, followed by Transportadora Gas del Sur (+5.7%), and Mercado Libre (+4.8%). For its part, the S&P Merval improved 2.2% to 125,979.57 unitsin line with the greater risk appetite of its foreign peers when assessing whether the drop in global inflation is enough to curb aggressive increases in interest rates by central banks.
On the leading panel, the largest increases corresponded to YPF and Transportadora de Gas del Sur, both with 5.6%, followed by Loma Negra (+5%), while the declines were led by Sociedad Comercial del Plata (-1.6%). Operators maintain that the market awaits signals from the new Minister of Economy, Sergio Massa, who promised to lower the fiscal deficit and strengthen the reserves of the BCRA.
“The central (bank) was expected to raise its rate, but never by 950 basis points like it did yesterday (Thursday). This generated today (Friday) a rapid rearrangement in time depositswith the idea of attracting investors away from the dollars, although nothing changed in the confidence” of investors, said a foreign private banking analyst.
The new rate of the BCRA represents 96.5% (TEA) as effective annual, compared to 90.2% that analysts foresee in the rise in consumer prices for 2022which if fulfilled would yield a positive financial return as the Government promised with the International Monetary Fund (IMF).
Bonds and country risk
In the fixed income segment, sovereign bonds denominated in dollars They closed this Friday with a majority of losses, which reached 5.1% from the Global 2041. The losses were also led by Bonar 2038 (-2.6%), and Bonar 2030 (-2%). For his part, the risk country measured by JP Morgan bank falls 0.7% to 2458 units.
In turn, CER-adjusted bonds closed with most increases. TX23 (+1.2%), TC23 (+0.9%), and PARP (+0.8%) stood out.
The Ministry of Economy put out to tender this Thursday some $182.0 billion. There were 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.
“Dual bonds manage to protect the investor against inflation and/or devaluation,” explained Delphos Investment, noting 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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