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Sunday, December 4, 2022

Stocks and ADRs rose against Wall Street; country risk exceeds 2,500 points

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The actions that led the promotions were: Loma Negra (+3.2%), YPF (+3.1%), and Telecom (+2.2%). The largest casualties were for Ternium (-2%), Aluar (-1.7%) and Mirgor (-1.7%).

Ternium Argentina presented the results corresponding to the third quarter of this year. “The net profit of that period was US$158.3mn, showing a year-on-year drop of 64.5% versus the third quarter of last year. This represented a margin on net profit of 15.1%, 30.4 percentage points below 45.4% observed in the third quarter of 2021, “SBS reported.

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In turn, this day it was also known that YPF ordered a new increase of an average of 6% for gasoline and diesel throughout the country. According to sources, the measure was taken “based on the evolution of the variables that affect the formation of fuel prices.” It is expected that the rest of the companies in the sector will have increases of a similar magnitude.

“Wall Street continues the cautious tone of the latest rounds, to which domestic assets respond mixed”said Gustavo Ber and added: “That is how the S&P Merval improved, this time within firmer and more selective behavior by the main ADRssince operators usually – in contexts of high volatility such as the current ones – favor liquidity as they are the most efficient vehicles to quickly rebalance portfolios“.

Bonds and country risk

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In the fixed income market, dollar bonds closed mixed. The increases were led by Bonar 2041 (+3%), the Global 2041 (+1.4%), and the Global 2046 (+1.3%). The largest casualties were for the 2029 bonar (-0.6%) and for Bonar 2035 (-0.5%). While, the country risk measured by the JP Morgan bank rises 0.8% to 2,590 basis points.

“The bonds are more lazy, this time through 1% average decreases in their dollar contributions between the main references, with a country risk even around the 2,600 basic points since the external moodiness resumes the pressure on the penalized parities after attempting a rebound recently”, analyzed Gustavo Ber.

Source: Ambito

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