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Argentine shares on Wall Street climbed up to 15%; S&P Merval rose for the fourth time on five wheels

Argentine shares on Wall Street climbed up to 15%;  S&P Merval rose for the fourth time on five wheels

The momentum of the Buenos Aires stock market was accompanied by the rise of the New York stock marketwhich improved its indicators after a spike in the US jobless rate in October overshadowed data showing strong job growth.

The Dow Jones Industrial Average rose 1.4%, while the S&P 500 gained 1.3% and the Nasdaq Composite advanced 1%.

The companies that lead the increases in the Buenos Aires stock market were: Transportadora de Gas del Sur (+4.9%), Cresud (+3.6%) and Loma Negra (+3.5%).

Likewise, the shares of Argentine companies listed on Wall Street climbed up to almost 15% thanks to Ternium. Mercado Libre followed behind, with an increase of 7.9%; Cresud (+5.8%) and Tenaris (+4%).

The steelmaker Ternium, controlled by the Argentine capital group Techint, reported on Thursday an 84% year-on-year drop in its third-quarter profit, to US$220 million.affected by lower expected margins for steel and high margins for raw materials.

“Ternium anticipates that this dynamic will be largely reversed during the first quarter of 2023”the company said.

From next Monday Argentina’s stock market activity will be extended by 60 minutes until 6:00 p.m. local timefrom 11:00 a.m. opening hours, seeking to align the operation to the Wall Street boreal winter schedule.

Bonds and country risk

In the fixed income market, dollar bonds closed mixed. Among the increases stood out the Global 2046 (+2.2%); Global 2035 (+1%). While the falls were recorded by the Global 2041 (-2.1%), and the Bonar 2030 (-0.7%).

For its part, the country risk measured by JP Morgan banks fell 0.9% to 2,566 basis points.

The Ministry of Economy will seek to capture some 32.9 billion pesos through a tender for bills next Monday, with the focus on validated rates. Operators do not rule out the imminent official announcement of an exchange of titles in pesos, with the aim of relaxing maturities in the final stretch of the year.

Source: Ambito

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