ADRs closed broadly higher despite the fact that the main indices in New York ended in negative territory. The biggest rises were led by shares Transportadora de Gas del Sur (+4.7%), Corporación América (+3.7%), and Banco BBVA (+3.6%).
“Bonds in dollars are inclined to extend the weakness, through average decreases of 0.5%, with the country risk still close to 2,400, since after approaching parities of -25%, the demand towards tactical bets,” said Gustavo Ber.
Thus, the sovereign debt in dollars in the United States closed with most losses. The main decreases were for Global 2035 (-1.2%) and Global 2030 (-1%). They were saved from the losses: the Bonar 2035 (+0.4%), and the Bonar 2030 (+0.1%). The country-risk prepared by the JP. Morgan bank rose 1.3% to 2,427 basis points.
S&P Merval and stocks: how September started
Argentina’s assets closed mixed on Thursday, September 1, in the context of lower business and marked caution, amid fears of a global recession hitting emerging markets. However, this session CER bonds rose strongly, while some Argentine companies on Wall Street performed well.
The S&P Merval ended balanced at 136,302.13 units, after accumulating an increase of 11.2% in August and marking an all-time intraday record of 145,859.42 units on Monday. Among the increases, in the leading panel, the oil company YPF stood out with 2.2%, and among the losses, Telecom with 3.5%. It should be noted that the Argentine oil company was one of the shares that rose the most last month (+46.9%) after presenting a good balance.
“The Argentine energy company (YPF) took all the eyes of investors after showing its solidity during this year. After a dazzling balance, he announced a 10% increase in his investments and an improvement in the company, both in relation to Vaca Muerta as well as lithiuma key factor for the government in the upcoming meetings with the IMF,” said Ayelen Romero of Rava Bursátil.
At the same time, ADRs of Argentine companies on the New York Stock Exchange closed unevenly, with increases of up to 7.3% in the case of Edenor and decreases of up to 4.1% in Ternium’s shares. “The negative tone on Wall Street is spreading, given continuing fears regarding a more hawkish Fed and its correlate in rates, which continues to condition the performance of domestic assets,” assured Gustavo Ber.
It should be noted that in the monthly balance, the leading stock index BYMA S&P Merval rose 11.2% in August. For its part, the index measured in dollars grew 9.5%, almost the same figure as the accumulated annual figure, which stood at 10.9%. In this way, the Merval accumulates a rise of 60.8% so far this year.
Bonds and country risk, how they closed on Thursday
Regarding the fixed income segment, on Thursday, September 1, the CER bonds stood out, culminating in strong increases. Thus, inflation-linked bonds closed with widespread increases. The most important: the PR13 (+3.9%), the TX26 (+3.4%), and the TX28 (+3.3%).
For its part, dollar bonds closed mixed. Among the increases, Bonar 2035 stood out with a rise of 1.8%, while Global 2046 stands out among the falls with a decrease of 3.6%. In that framework, the risk countrywhich measures the JP Morgan bank, rose 0.5% and closed at 2,396 points.
While, In August, the bonds climbed up to 7.2% thanks to the Global 2046. 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%).
Source: Ambito
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