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Sunday, November 27, 2022

Dollar bonds rebounded up to 4%; low country risk and returns to lows in two months

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Regarding bonds in pesos, the dollar-linked showed good volume in the short section and rose 0.6% on average. For their part, the duals operated mixed: “While the short section rose 0.7%, the TDS23 fell 0.75% (the TDF24 ended without variations),” said the SBS Group. Regarding the CER segment, “There was good demand in general, raising leceres and bonceres by 0.5% on average.”

Among the international novelties, Wall Street’s main indices soared more than 7% and staged the biggest rally of the year as US inflation data rose less than expected in October, raising hopes that the Federal Reserve will scale back interest rate hikes. The Nasdaq and S&P 500 reached their best day since April 2020 while the Dow Jones industrial advanced more than 1,000 points.

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As for local news, Economy Minister Sergio Massa assured industrialists that the commitment to close the year with adequate reserves will be fulfilled. In addition, and after the closing of the market, it was known that the Ministry of Economy managed to exchange short-term debt for $931,116 millionby granting three dual bonds maturing between June and September of next year, with a participation level of over 61% on the scheduled payments of the eligible instruments.

The Palacio de Hacienda launched this swap because it faced maturities for a total amount estimated at 1.7 trillion pesos during the current month and next December. The next tender will take place next Friday, November 18.

Stocks and ADRs

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The S&P Merval index in Buenos Aires rose 1.2% to 144,879.06 points as a provisional close, after losing 3.3% in Wednesday’s round. The impulse was led by the papers of the state oil company YPF with 1.4%, after the presentation of a balance that exceeded analysts’ expectations. YPF will have a “more ambitious” investment plan in the coming years due to the improvements registered by its operations in the Vaca Muerta unconventional hydrocarbon formationa company executive said Thursday.

The biggest increases, in addition to YPF, in the leading panel were Aluar (+4%), Sociedad Comercial del Plata (+3.9%), and Transener (+2.7%). The financial sector led the declines: Banco BBVA (-1.8%), Banco Superville (-1.8%), and Cablevisión (-1.4%). As for the Argentine companies listed on Wall Street, the best performance was made by Globant (+9.8%), Despegar (+4.8%), and Mercado Libre (+4.2%). The biggest decreases were for Banco Supervielle (-4.3%), Banco BBVA (-2.8%), and Loma Negra (-1.6%).

Source: Ambito

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