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The S&P Merval managed to save its bullish streak and dollar bonds climbed up to 3.1%

The S&P Merval managed to save its bullish streak and dollar bonds climbed up to 3.1%

“The Merval continues to sweep its bullish streak”synthesized the present Fernando Staropoli from Rava Bursátil.

Within this framework, notable increases in Until 3% of the company Transportadora de Gas del Norte, Ternium Argentina (+2.9%) and Aluar (+1.9%). Contrary, the main casualties of the day were scoredTransportadora de Gas del Sur (-4%), BYMA (-2.5%) and Cresud (-1.9%).

The leading shares of Buenos Aires accumulate this year an advance of 6.7% in pesos, after the outstanding increase of 142% in 2022, which positioned the market among the most profitable in the world with returns of 42% in dollars as hedges against inflation and devaluation.

“A large part of the dollars that the Government paid on Monday were reinvested in the same stocks and bonds, in a market that until now had the favorable effect of the 10-year rate drop in the United States, an ideal combo to generate more investor appetite for risky assets”said a financial agent of the private bank.

For his part, Argentine papers listed on Wall Street finished mixed; while the New York stock market managed to recover after the presentation by Jerome Powell, president of the Federal Reserve, on the day.

Investors eagerly awaited Thursday’s US Consumer Price Index reportwhich is expected to show some moderation in year-on-year prices in December. While traders are betting on a 25 basis point rate hike at the next Fed policy meeting in February.

Thus, the casualties were led by Transportadora Gas del Sur (-3.3%); then followed by Central Puerto (-2%) and Cresud (-1.4%). While the companies with the highest increases were Mercado Libre (+2.1%), Grupo Supervielle (+1.6%) and Grupo Financiero Galicia (+1.6%).

Bonds and country risk

In the fixed income segment, sovereign bonds in dollars ended with increases of up to 3.1% thanks to Global 2046, followed by Bonar 2029 (+2.2%) and Bonar 2038 (+1.6%). Secondly, Global 2041 and Global 2029 (-0.3%) fell to 1.6%.

Thus, the country risk falls for the second consecutive day six units to 2,073 basis points.

The Government credited on Monday the payment of the interests of the “hard dollar” titles for around US$1.100 million, a currency that partly returned to the stock market and of the debt titles themselves, said operators.

In the weight segment, the dual titles meanwhile showed little activity in general and closed with average increases of 0.8%. As for the CER segmentthe shorter Leceres rose 0.3%, while the long stretch was heavier, while the Bonceres remained practically unchanged.

Agency S&P Global raised its long-term local currency sovereign credit ratings on Argentina to “CCC-/C” from “SD/SD” and affirmed its foreign currency ratings at “CCC+/C”.after considering the debt-for-peso swap carried out last week “cured”, since the new instruments were delivered to bondholders. This decision was adopted after considering the debt-for-peso swap carried out last week as “cured”, since the new instruments were delivered to bondholders.

Massa maintained that the goals for the year are “a sound monetary policy with a positive interest rate, a ‘pass-through’ that in some way accompanies inflation and maintains export competitiveness and, above all things, a level of investment” that creates employment and helps growth.

Source: Ambito

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