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Wednesday, February 8, 2023

S&P Merval unstoppable: accumulated jump of 58% in one month; country risk dropped and pierced 1,900 points

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The bag measured in pesos drag an unusual improvement of over 200% since the start of the previous yearwhat represents an average return of 45% in dollars. In 2023, it accumulates an advance of more than 25%.

“After the positive ‘momentum’ accumulated there should be room for a correction to consolidate the levels (of the S&P Merval)”, estimated Ber.

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After the holiday in the United States, Argentine papers listed on Wall Street rose to 10.2% led by YPF, Banco Macro (+7.7%), and Telecom (+6.8%). On the other hand, they descended Edenor (-5%), Transportadora Gas del Sur (-1.6%) and Mercado Libre (-1.2%).

Bonds and country risk

In the fixed income segment in dollars, sovereign bonds operated with advances of up to 4.6% led by Global 2046, Global 2029 (+4%) and Global 2030 (+3.7%). Thus, the country risk recorded a new minimum in 7 months, falling 5.4% to 1,884 basis points.

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Dollar bonds continue in an upward trend and are recovering positions. As occurs in a more adverse climate, the trend favors a greater concentration of operational volume in global sovereign bonds over those issued under local legislation,” he said. Fernando Staropoli of Rava Bursátil.

For his part, dollar-linked sovereign bonds showed good demand and rose 07% on average, with TV23 concentrating almost all the volume. On the side of the duals, they closed with marginal increases on average of 0.3%, with good volume in the TDJ23.

As for the CER segment, “the Leceres were erratic, alternating highs and lowswhile on the side of the Bonceres closed with average increases of 0.2% along the curvewith the sole exception of TX26 closing negative“, indicated the SBS Group.

Source: Ambito

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