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Sunday, November 27, 2022

Argentine shares on Wall Street climb up to 11%; dollar bonds trade mixed

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The companies that lead the increases in the Buenos Aires stock market are: Cresud (+5%); Transportadora de Gas del Sur (+2.7%) and Transportadora de Gas del Norte (+2.4%).

Likewise, the shares of Argentine companies listed on Wall Street climb up to 11% thanks to Ternium. Behind them are Mercado Libre, with an increase of 8.1%; Tenaris (+6.7%) and Cresud (+4.8%).

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However, the market was conditioned by the successive rises in the reference rate of the US Federal Reserve (Fed), which removes liquidity from emerging economies.

Steelmaker Ternium, controlled by Argentine capital group Techint, reported an 84% year-on-year drop in third-quarter profit to $220 million.

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Starting next Monday, stock market activity in Argentina will be extended by 60 minutes until 6:00 p.m. local time, from 11:00 a.m. opening hours, in an effort to align trading to Wall Street’s boreal winter time.

Bonds and country risk

In the fixed income market, dollar bonds operate unevenly. Among the increases stand out the Global 2046 (+2.2%); Global 2030 (+0.3%). While the falls are recorded by Global 2029 (-3.9%), and Global 2038 (-1.7%).

For its part, The country risk measured by the JP Morgan bank rises this Friday to 2,590 units.

Source: Ambito

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