The most outstanding rises of the day were registered by the shares of the energy segment, of which the Transportadora de Gas del Norte (+6.8%); Edenor (+5.5%); YPF (+4.8%); and Pampa Energía (+4.1%). The papers that traded the most volume on the day were: YPF, Galicia (+1.3%); and Transportadora de Gas del Sur (+3.1%).
The pearl of the day was in the general panel, where the shares of the manufacturer of coating wood products flew 33.6% Fiplasto after announcing the sale of two fractions of a field located in the province of Santa Fe.
The volume in shares climbed 29% to $2,507.5 million, representing 61.5% of the total traded in equities. Thus, only the remaining 38% was traded in Cedears, whose daily amount fell 47% to $1,590.7 million, conditioned by the US holiday.
“Since the arrival of Sergio Massa to the Ministry of Economy (in August), the Argentine stock index has accumulated a rise of more than 60% (…) It is great news for local investors, especially when observing the international context of political and economic crisis that triggered the war between Ukraine and Russia”, remarked an internal government report.
Beyond the euphoria, high inflation, the fiscal deficit and the level of reserves of the Central Bank (BCRA) remain among the edges under observation by investors in 2023, when presidential elections will be held at the end of the year.
Argentina closed 2022 with an average depreciation of its currency of 40% and inflation estimated to be slightly below 100%, which encourages stock purchases as hedges in emerging portfolios.
“The local market also had a year full of surprises, with many important changes. But unlike in the United States, the local market became more optimistic and most of the shares that make up the leading panel ended the year with gains of more than 100 %“, remarked Rava Bursátil. “The outstanding one is the energy sector with shares such as YPF, Pampa (…) that end 2022 with annual increases of more than 200%, an upward streak that seems to continue for 2023, with high expectations in this (energy) sector, mainly for the companies’ investments in the Vaca Muerta project,” said Priscila Bruno from Rava Bursátil.
The rise of the leading panel becomes more relevant if one takes into account that the Brazilian Bovespa sank 3.1% this Monday, as a reaction to the speech of Luiz Inácio Lula da Silva after taking office as president. State oil company Petrobras plunged more than 6%, and the real fell 1.5% to 5.3580 per dollar. At his inauguration, Lula promised a drastic change of course to rescue a country ravaged by hunger, poverty and racism.
In his speech, he highlighted his vision of a growth-inducing state and also criticized the ceiling on public spending and the labor reform, Guide Investimentos said in a note to clients. Finance Minister Fernando Haddad said that Lula’s government will not accept the “absurd” primary deficit of 220 billion reais (41.19 billion dollars) foreseen in this year’s budget, and indicated that he will work to reduce it.
“The idea that the Government will have a developmentalist position, with a greater participation of the State in the economy, can have a negative effect on the fiscal balance in the coming years,” said analyst Luis Novaes, from Terra Investimentos.
Bonds and country risk
In the fixed income segment, The debt in dollars ended with the majority of increases, although with lower volume given the financial holiday in the United States, therefore, since the Wall Street reference was not available, the influential country risk of JP.Morgan was not updated either, which closed last year below 2,200 points.
Bonar 2041 and Global 2029 posted increases of 2.2%, and were the best of the day.
For their part, dollar-linked sovereign bonds concentrated the volume in the TV23, which rose 0.2%. The duals, meanwhile, operated mostly offered and fell 0.3% on average (except for the TDJ23 which rose 0.5%).
Regarding the CER segment, the Leceres closed mixed, like the Bonceres that alternated ups and downs.
Let us remember that the Treasury decided to call for a debt swap in pesos for this Tuesday with the objective of clearing the path of short-term maturities (estimated at $4.3 trillion in the first quarter, between Ledes, Leceres, Bonceres and Bontes) . It will be an operation with domestic titles for three baskets: one of LEDs, another of Duals and another option in which only the Lecer X16J3 will be offered.
“Our hypothesis suggests that the exchange will be aimed at cleaning up the holdings in the hands of the public sector. According to our numbers, we estimate that 44.3% of the 8 eligible titles are in the hands of the public sector. Even with an adhesion ´ interesting” (15/20% above public ownership), we believe that it does not solve the problem of pesos”, They commented from PPI.
Source: Ambito
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