The S&P Merval continued to party in January: shares jumped up to 110%

In it leading panelthe greatest increases were registered Galicia Financial Group that climbed 47.6%, Banco Macro (+42%), Transener (+41.8), YPF (+39.9%), BYMA (+37.9%) and Banco Supervielle (+34.3%). Meanwhile, in the master panelthe three papers that grew the most were Cellulose (+109.8%), Fiplasto (+70%), and Camuzzi (+51.3%).

“Local equities showed significant gainsin a month where improved business climate, although volatility was felt. Beyond specific papers from the General Panel that rose to the top of the ranking (CELU, FIPL, CGPA), the banking sector showed great performance with increases of 50% in Galicia. YPF accompanied this group, climbing 40%. Less representative papers appear among the casualties,” he explained. Tavelli in his report.

During January, international markets were attentive to the decisions of the Fed regarding the rise in reference rates. In the first week of the year, the minutes of the last meeting were released: in which, despite the fact that it was reported that they are thinking of slowing down the increases, printing continued a tight monetary policy. Parallel, China’s GDP grew more than expected as did Eurozone GDP.

In this context, Argentine companies that trade in Wall Street they also recorded strong gains that were led by Mercado Libre (+39.6%), Grupo Financiero Galicia (+37.4%), Banco Macro (+33.9%), Despegar (+32.5%) and Irsa (+32 ,4%).

Analysts argue that the bullish path started by the Argentine assets in the middle of the month it happened after the announcement of a foreign debt repurchase for about $1 billion. “Several analysts speculate on the possibility that the amount allocated to the repurchase of these instruments will be extended”estimated Fernando Staropoli of Rava Bursátil.

For his part, dollar bonds grew 13.8% in the same period encouraged by the repurchase of external debt. The increases in Global 2029 (+33.8%), Bonar 2030 (+33.7%), Global 2030 (+32.6%) and Global 2041 (+21.3%) stood out.

“The CER-Adjustable Bonds they were shown with increases of up to 10% in the longer series. Dollar-denominated securities yielded a better final balance, which in some series exceeded 40% (measured in pesos), with an increase in parities and implicit FX. Duals will moderate the rises. GDP coupon in pesos climbed around 30%,” explained Tavelli.

For their part, the sovereigns dollar-linked they closed the month with gains of 4.5% on average along the curve. The dual ended January positively, with 5.1% on average. As for the CER segmentso much Read as Bonceres accumulated an increase of 5% in general in the month, reported SBS group.

At the domestic level, it still remains to know what the CPI was for Januaryalthough analysts maintain that will be around 6% standing above the December measurement. “Inflation is once again escaping from the parameters that the government managed and demonstrates the inability of price controls,” he said. Lautaro Moschet, economist at the Libertad y Progreso Foundation and estimated: “For the moment, there are no theoretical reasons to think that inflation will drop and the uncertainty in an election year may even make the situation worse“.