The local capital market operates with a downward trend, with falls in most of the shares of the leading panel. Bonds also fall, as a result of an adverse ruling in London.
Bolsas y Mercados de Argentina (BYMA) is trading lower this Wednesday, on a day marked by the expectation of the announcements to be made by the Minister of Economy, Sergio Massa, about the start-up of a new dollar soybeans, a special exchange rate for oilseed exporters that would later be extended to other sectors of the field. Likewise, the bonds have falls of up to 5% as a result of an unfavorable court ruling for Argentina in London.
At a global level, the markets are also in a negative trend, as stated by Ambit the economist Gustavo Ber, as a consequence of the “negative data of usa employment“.
The main index of that market, the S&P Merval falls 0.46% to 250,338,040 points and the shares of the leading panel are mostly in the red with losses of up to 2.46%.
The shares of Argentine companies that operate on Wall Street trade up to 6.88% (this is the case of Despegar), with the exception of Central Puerto, whose ADR rises 0.74% and Pampa Energía (+1.05%).
Bonds fall and country risk rises
Likewise, a negative impact is observed in the bonds of the negative sentence that Argentina received this Wednesday in a lawsuit over the payments of the so-called “GDP coupons” of 2013, a series of assets denominated in euros that adjusted for GDP growth. The decision was made by the London High Court and the compensation requested by the four plaintiff vulture funds amount to €643 million.
Consequently, dollar bonds of Argentine debt sink this Wednesday to 4.9% (such is the case of the AE38 and the GD35), except for the L41, it rises 0.6%. Consequently, the country risk rises 2% to 2,398 points this Wednesday, ahead of the Easter holidays.
This confirms it to Ambit Rafael Di Giorno, director of Proficio Investment, who assesses that “the impact of the adverse ruling in London is undeniable. Already in the pre-market the bonds fell between 4% and 5%.” In this sense, he explains that the main problem is that, even though the amount involved of US$1.3 billion may be low, this sentence sets a negative precedent and other plaintiffs may join later. “In addition, it is added to the ruling against YPF last week, which affects the same box, which worsens the panorama,” he concludes.
Source: Ambito
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