Growing doubts about the future of the Argentine economy weigh on investor sentiment, although they find a subtle way to protect themselves against high inflation in the market, commented operators.
The largest volume traded in equities has been taken by Cedears for a while, papers of foreign companies that operate the local stock market. “The Cedears are a boom in Argentina. Currently, in a wheel, they operate twice the volume of local shares”, commented Ariel Manito from Portfolio Personal Inversiones (PPI). “And there is a very wide range to choose from, with a variety of industry and services, that is much broader and perhaps even attractive than that of local stocks,” he pointed.
In another order, the president of the Federal Reserve of the United States, James Bullard, said Thursday that interest rates would have to rise to between 5% and 5.25% to be “restrictive enough” to curb inflation. The market expects a half point rise.
On Wall Street, the shares of Argentine companies operated mixed. The casualties were led by the papers of Take off (-5.2%); Grupo Supervielle (-1.2%) and Bioceres (-0.7%)while the strong progress of Central Puerto (+6.3%), followed by Loma Negra (+4.8%) and Irsa (+4.3%).
Bonds and country risk
In fixed income, sovereign bonds in dollars operated with the majority of falls. They were led by Bonar 2030 (-4.4%); Bonar 2029 (-4.3%) and Bonar 2038 (-3.8%).
Meanwhile, the country risk measured by banks JP Morgan rose 2.4% to 2,440 points.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
