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Saturday, April 1, 2023

The bonds sank more than 5% but the S&P Merval rose, after the opening of sessions

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For his part, Dollar-linked sovereign bonds closed mixed and TV24 stood out, rising 2.4%. The duals, meanwhile, concentrated the volume at both ends of the curve and gained an average of 0.7%. As for the CER segment, the short tranche rose 0.25%, while the long tranche rose 0.9%, the SBS group reported.

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“Both the Minister of Economy (Sergio Massa) and I do not need the IMF to know that we need fiscal balance (…) Nor do we need the IMF to know that Argentina needs to increase exportsFernández said in Congress.

“Taking care of the value of the currency is essential to continue on the path of growth”said the President. “A government policy is to take care of the reserves and we will continue on that path,” he added. The fight between Fernández and members of the Supreme Court was also another strong point of the speech.

It should be noted that this day the Central Bank (BCRA) cut a mini streak of two days with purchases to the sell some US$40 million in the exchange market, after accumulating losses of US$871 million during February.

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Meanwhile, signals are awaited from the IMF in the framework of an agreement in which the Government seeks to reduce the required volume of reserves of the central bank (BCRA)at times when a drought complicates the liquidation of dollars.

ADRs and shares

BYMA’s S&P Merval Index gained 0.86%, to 249,580.45 pointsin a wheel where the papers of the financial sector led the rises. During February, the stock market dragged a fall of 2.4%, in contrast to January when it climbed a firm 25.5% in pesos.

In the leading panel, the main increases were for YPF (+2.8%), Edenor (+2%), and Sociedad Comercial del Plata (+1.9%). The biggest decreases were Aluar (-2.4%), Telecom (-2.1%), and Mirgor (-1.1%).

On Wall Street, for its part, the shares of Argentine companies closed mixed, the rises were led by Ternium (+3.8%), YPF (+2.9%), and Cresud (+2.5%). And the losses were led by Banco Supervielle (-3.3%), Telecom (-2.3%) and Edenor (-2.3%).

Source: Ambito

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