The state oil company YPF announced this day investment of US$17 million to explore two wells in the Paso de las Bardas Norte area, almost on the border with Neuquén. The province, for its part, still has to formally extend the concession. The shares of the main national company grew 8.1% this Tuesday on the New York Stock Exchange and reached US$8.26, its highest value since March 4, 2020.
A) Yes, YPF led the largest rises in shares of Argentine companies listed on Wall Street but, in general, there was a good performance of local companies. The other important increases were for Banco BBVA (+8%), Grupo Financiero Galicia (+5.7%), and Despegar (+5.7%). This happened against the grain of US stocks, which closed lower for the second consecutive session against the impending rate hike by the Federal Reserve.
“Wall Street extends the tone of greater caution, waiting for the signals that the Fed may provide tomorrow, beyond which domestic assets decoupled and extended the strongest recent performance while closely monitoring the political and economic scenario,” said Gustavo Ber and expanded: “So the S&P Merval took advantage of the greater strength presented by the main ADRsbefore operators looking to take advantage of the recent external momentum as well as premature bets towards an electoral trade in the face of penalized valuations”.
The S&P Merval from next week will expand its daily activity by 60 minutes. During October the rises came from the hand of energy and financial actions. The best companies in the local market during this month were YPF, which recorded a resounding rise of 22.1%, followed by the energetic Transportadora Gas del Sur, with an increase of 17.1%, while the podium closes it Transportadora Gas del Norte with a growth of 13%.
“October continued with the upward trend of last month, ending with a positive balance driven mainly by YPF, which managed to climb more than 20%. The utilities sector showed several exponents among the best, highlighting Transportadora de Gas del Sur, Pampa Energía, Central Puerto and Transportadora de Gas del Norte”, highlighted Tavelli Inversiones y Mercados.
Bonds and country risk
In the fixed income market, dollar bonds closed with the majority of increases this Tuesday. The increases were led by Bonar 2029 (+5.2%); the Bonar 2038 (+3.8%) and the Bonar 2030 (+3.3%). While casualties were led by Global 2041 (-2.6%) and Global 2046 (-1.3%). While, the country risk measured by the JP. Morgan bank falls 1.5% to 2,585 points.
For its part, dollar-linked sovereign bonds “operated offered and fell 0.3% on average, except for T2V3, which with little volume could close positive”said SBS Group. In the same vein, the duals operated heavy and lost 0.6% throughout the curve. Regarding the CER segment, leceres closed with an average marginal rise of 0.15%, while bonceres remained practically unchanged.
“During October, dollar-denominated bonds ended with positive yields measured in pesos, with recoveries of up to 10% in the long section of the curve. Securities in pesos adjusted for CER (inflation) recovered up to 4% in the short section, but lost up to 9% in the long section,” summarized the stockbroker Tavelli y Compañía.
Sovereign bonds, both Local Law (LL) and Foreign Law (LE), registered a strong increase in their price in October of 11.2% and 8.1% on average, respectively. In this framework, the bonds in dollars that rose the most in October were: Global 2035 (+13.1%); Global 2041 (+11.9%) and Global 2038 (11.8%).
Source: Ambito

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