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Monday, March 20, 2023

S&P Merval recovers after the sharp fall caused by the financial crisis in the US

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This situation had a very negative effect on the world and Argentine markets (with dollar-denominated bonds that posted drops of more than 7% and country risk, which climbed 1.8%).

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While, this Tuesday, it seems that the approval of the fourth review of the credit program for US$44,000 million by the International Monetary Fund (IMF), which will give the country a breather in the midst of severe financial difficulties with a disbursement of US$5.300 millionIt was well received.

Slight recovery of Argentine assets

In this context, a slight recovery is observed at the start of the trading day, with an S&P Merval index gaining 2.79% and it stands at 231,499.87 points, after losing a strong 10.24% in the last three sessions.

All the shares that make up the index are trading higher, led by the shares of the state oil company YPF, which rise 4.58%.

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Operators in Argentina await the retail price report for last month (CPI) before the financial close on Tuesday, which according to specialists in a Reuters survey will be around 6.2% and the year-on-year measurement will exceed 100%. for the first time since October 1991.

ADRs on Wall Street

On Wall Street, meanwhile, ADRs of Argentine companies listed on that market have all rising numbers. The one that rises the most is that of YPF, with an increase of 4.94%; followed by Grupo Financiero Galicia (+4.44%), BBVA Banco Francés (+4.38%) and Loma Negra (+4.20%)

Pampa Energía also rises strongly, with an increase of 3.84%, IRSA rises 3.55%, Loma Negra recovers 3.26% and Transportadora Gas del Sur grows 3.18%. Cresud, for its part, rises 3.04%, Telecom Argentina, 2.59% Banco Macro grows 2.44% and Telecom Argentina jumps 2.61%.

The ADRs that grow the least this Tuesday they are that of Edenor (+1.21%) and that of Grupo Supervielle (+1.82%).

This is how the bonds are in dollars

While, Argentine bonds in dollars recover up to 3.5% this Tuesday, led by the GD29. The AL 29 rises 3%, the AE38 recovers 1.9%, the AL30 climbs 1.7% and the GD30 improves 1.5%.

Source: Ambito

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