In the leading panel, the biggest gains for the month were for YPF (+46.9%), Transportadora de Gas del Norte (+32.9%) and Transener (+19%). The energy sector grew strongly due to the removal of subsidies decided by the Government this month for certain segments in the distribution of electricity and gas services. In this context, the actions that grew the most in the general panel were for Camuzzi (+79.6%), Havana (+69.5%), and Metrogas (+43.9%).
It should be noted that the rise in YPF This is due to the better-than-expected quarterly balance that it presented during August. There it reported a profit of $94,000 million against a loss of $46,000 million in the same quarter last year. “In the case of YPF, after presenting very good results in its balance sheets, it had a brilliant performance in the stock market and managed to earn more than 100% in just over a month,” commented Mauro Natalucci of Rava Bursátil.
Although commodities showed negative returns, such as the value of oil that skidded 9.9%, (as well as gold and soybeans that lost 3.1% and 4.5%, respectively), The price of liquefied gas shot up 33.5% this month, which was also an important drive for the rise in shares of companies linked to energy.
In tune, Tavelli in a monthly report pointed out that during August, he maintained that at the local level, “eyes were on the appointment (which was long in coming) of Gabriel Rubinstein as Secretary of Macroeconomic Programming. Once in office, he began preparations to tour the United States with Sergio Massa to meet with investors and present his plan.”
In the fixed income segment, Bonds in dollars rose in August to 7.2% thanks to the Global 2046, while Global 2029 (+5.9%) and Global 2035 (+2.1%) also led the rises. As for the main drops, they were for the Global 2038 (-4.7%), the Bonar 2038 (-4.5%), and the Bonar 2029 (-4.4%). In that framework, the risk countrywhich measures the JP Morgan bank, fell 1.7% to 2,389 points, and closed the month with a decrease of 0.2%.
“Sovereign bonds in dollars were punished in their price, mainly due to a bad international context for emerging markets. Although they have had weeks where they performed well, throughout the month they were not immune to a context of rate hikes by the United States Federal Reserve (Fed), which has hit emerging markets in general,” said Damián Vlassich , IOL Invested Online Analyst.
With inflation at 7.4% in July and an estimate for August of around 6%, market analysts recommend “position yourself in assets in pesos that accrue a rate, seeking to take advantage of the increases in the CER index and the Badlar interest rate”. Thus, this month the strong rise in tied bonds tied to inflation stood out; the main ones were TX26 (+11.3%) and TX28 (+11.1%).
As to dollar-linked bonds closed with improvements of 5% in the short section. “The UvPs in local currency continued to recover. In the last tender for Letters of the Ministry of Economy, the reopening of the Letters at a discount due in December, a rate of 75.3% TNA was validated,” Tavelli explained in his monthly report.
Source: Ambito
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