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Sunday, December 4, 2022

ADRs jumped nearly 11% as the S&P Merval posted its fourth rise in a row

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“It is very difficult for the Merval to advance above 500 points (measured in dollars) and stay while the country risk continues to oscillate around 2,500 points,” said Portfolio Personal Inversiones, adding: “The S&P Merval has been showing a better version than last year and accumulates a 60-point difference with its value at the end of 2021, so the accumulated gain stands at 14.57%“.

Scarce reserves in the coffers of the central bank, high inflation and a recent tender by the Ministry of Economy that had less interest from the market complicate the progress of local investments.

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In another order, the shares of Argentine companies listed on Wall Street climb up to 6.4% hand in hand with BBVA. Behind them appear the papers of Cresud (+4.8%) and those of Central Puerto (+3.6%).

It should be noted that the Government is studying to reinstate a special exchange rate for soybean producers, a measure that it already established in September, to stimulate its liquidations and strengthen reserves. Furthermore, from the Palacio de Hacienda want to speed up the review of the International Monetary Fund to approve the agreed objectives for the third quarter of 2002, which would enable the disbursement of fresh funds and thus oxygenate the reserves.

Bonds and country risk

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In fixed income, sovereign bonds in dollars are trading mixed. The biggest increases are for Bonar 2029 (+2.8%), Bonar 2030 (+1.7%), and Bonar 2041 (+1.4%). The declines were led by Global 2046 (-1.4%). Meanwhile, the country risk measured by banks JP Morgan falls 1% at 2,401 units.

Source: Ambito

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