Shares of electronics maker Mirgor jumped 7%, after the Government extended for 15 years, extendable for another 15 years, the industrial sub-regime of Tierra del Fuego (Antarctica and the South Atlantic Islands), where the company operates. With the measure, the executive seeks to promote new investments on the island, both in factories already established and for the installation of new initiatives, with the aim of continuing to strengthen the provincial industry. So far in October, the papers of Nicolás Caputo’s company accumulate a rise of almost 20%.
The podium of the biggest rises of the day was completed by the Central Puerto papers (+ 5%); and Cablevisión (+ 3.5%). On the contrary, the steepest fall of the day was that of Telecom (-1,1%).
The volume traded in shares rose 2.5% to $ 1,695.8 million, a new maximum since last September 20. It represented almost 40% of the total traded in equities, since the amount traded in Cedears grew almost 25% to $ 2,604.1 million.
On Wall Street, the papers of Argentine firms closed the day with majority of earnings led by Edenor (+ 5.3%); IRSA Commercial Properties (+ 3.9%); Central Puerto (+ 3.2%); Globant (+ 1.9%); and Mercadolibre (+ 1.9%).
While, casualties were recorded by Despegar (-2.1%); Banco Supervielle (-1.7%); Telecom Argentina (-1.2%); YPF (-1.1%); and Banco Macro (-1%).
In the local context, investors’ attention was focused on the country’s negotiations with the International Monetary Fund for a debt agreement of about 45,000 million dollars, amid high inflation, which registered 3.5% in September.
In the domestic square “fears for the medium term increased, not only in the economic-financial sphere, but also in the political-social sphere,” said consulting firm VatNet Research.
Argentina will hold mid-term legislative elections on November 14, which if the trend registered in the primary elections continues, the Government could lose control of the National Congress.
With the negative surprise in the US industrial production numbers IN September (-1.3% versus + 0.1% expected, with a revision of the August data from + 0.4% to -0.1%), the S & P500 gained 0.3% and thus scored its fourth consecutive rise (the Nasdaq also rose, but the Dow Jones fell). Meanwhile, the price of oil showed high volatility: it closed unchanged after being 1.5% higher.
The appetite of investors in the rest of the world for risk diminished after China revealed that the economy expanded 4.9% from July to September, below the rate of 5.1% expected by analysts.
In the fixed income segment, Bonds nominated in dollars still did not find a floor, and closed with drops of up to 2.7%, led by the Global 2029, affected by a marked lack of investment interest in the face of doubts about the future of the domestic economy, at a time when economic data from China caused falls in global markets, except in most of the Wall Street indices. Last week they accumulated a fall of around 2%.
The yield curve remains inverted, with Global 2030 at 20.7% and Global 2035 at 17.4%. The average price of these instruments broke the floor of $ 35 and ended at $ 34.96, the post-Step minimum, but still 6% above the worst moment of April 2021.
“There were disarmaments in bonds that kept the doubts of last week, while the stock market serves as a hedge for devaluation and inflation, hence the high selectivity according to each title”, held a financial agent.
All in all, the Argentine Country Risk it climbed 1.3% to 1,651 points, its highest intraday level since March.
Among the bonds in pesos, for their part, adjustable by CER closed with the majority of setbacks (mainly in Q2X2, TX22, and TX23), after last week it was known that inflation accelerated in September to 3.5% (accumulates 37% in the year), a figure above of market expectations.
Meanwhile, IN the dollar linked securities Arbitrations were seen on maturities in 2022, with the sale of the short (TV22, yield of -8% TNA) and purchase of the long (Q2V2, yield of -6% TNA).
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