In November, the shares rose up to 45.4% in the hands of energy papers

Maximiliano Donzelli, Head of Research at IOL investoronline revealed about this that “another more than interesting fact of the Argentine selective is that, since the beginning of 2022 until now, it managed to rise 24.5% in dollarswhile the major US indicesthey fell between 15% and 27% respectively”.

Thus, the biggest promotions in the leading panel of the month were for Transportadora de Gas del Norte (+45.4%), Transener (+31.5%), Sociedad Comercial del Plata (+21.8%), Transportadora de Gas del Sur (+20.5%), and Pampa Energía (+19.5%). In the general panel, meanwhile, energy companies also registered a strong rise. The ascents were led by Distributor of Gas Cuyana (+52%), Camuzzi Gas Pampeana (+51.3%), and Metrogas (+29.3%).

“The great performance of the Argentine market during this 2022 was very marked by companies linked to the energy sector. In fact, in the area of ​​regulated energy, it was possible to observe that the rate adjustment allowed companies that are part of this sector to show a clear improvement in their income,” said Maximiliano Donzelli.

For his part, tavelli in his report he highlighted that “the sector of banks It also showed a good performance, with increases reaching up to 20%. Galicia, the industry benchmark, climbed almost 11%. Some exponents of the General Panel appear among the greatest casualties. YPF managed to climb more than 15%”.

Bonds and country risk

“The setting up of positions occurred in a context where the parities were at historically low values”he said about the analysis of the month Maximiliano Donzelli, Head of Research at IOL investoronline who added that “We understand that this increase in demand (reflected in prices) was caused by players who began to position themselves already thinking of 2023 added to a favorable context of emerging fixed income.”

Thus, sovereign bonds in dollars had an average return of 17.7%. The main increases in the month were for the Global 2030 (+24.9%), the Bonar 2029 (+21.4%), the Bonar 2041 (+21.1%), and the Bonar 2030 (+21%).

“Dollar-denominated bonds ended with very positive returns measured both in pesos and at parity, with recoveries of approximately 30% in the middle section of the curve“, explained tavelli in your report. For his part, titles in pesos adjusted by CER they recovered until 7% in the middle sectionbut some casualties appeared in the longer ones.

For his part, since inverted IOL online it was explained that CER bonds they had “a great variation depending on the year of maturity, partly due to expectations of devaluation and the possibility of restructuring in the future.”

tavelli in turn indicated that “dollar-linked bonds closed with slight improvements in those of shorter duration”the “duals ended with minor rises and the UvP in foreign currency showed good performance”, closed Tavelli.