Argentine stocks extended their bullish streak this tuesday april 11 and climbed to more than 7% on Wall Street, in line with the progress of regional markets, particularly Brazil, Yy on a day in which the Central Bank (BCRA) ended a long negative streak of reserve sales in the exchange market.
In New York, the papers of Argentine companies closed with general increases, thanks to the BBVA Bank (+7.3%); Adecoagro (+6.7%); Galicia Financial Group (+4.7%); Central Port (+4.3%); and Transportadora Gas del Sur (+4.1%). For their part, the YPF shares improved 0.9% after soaring 10% on Monday as a consequence of a recent agreement reached with Maxus.
“We understand that despite the average increases in ADRs of 45% since August of last year, companies have the potential to be worth much more, and could still multiply their value if the country manages to solve issues that most countries have already overcome. “, estimated Adcap.
In this context, the leading index BYMA’s S&P Merval gained 1.3% to 259,963.4 points, buoyed by the trend in financial and energy stocks.
The advance of the Argentine actions was coupled to the great day that the Brazilian stock index Bovespa, which jumped 4.3%, while the real strengthened 1.2% to 5.0067 units per dollar. It occurred in a day in which inflation in Brazil slowed down in March compared to the previous month, raising expectations of monetary easing.
The local market, meanwhile, closely followed the evolution of the agricultural dollar program, with which the Government seeks to reinforce the battered reserves of the BCRA that, On the day, he ended a streak of 23 consecutive days with sales, ending with a purchase balance of US$2 million.
The official urgency to get hold of foreign currency led to the relaunch of a special exchange rate aimed basically at soybeans, who have until the end of May to sell positions at 300 pesos per dollar, against the $214 of the wholesale price.
“Several points were clarified in the resolution that was published today (Tuesday) in the Official Gazette,” A source at a brokerage in Rosario, the city where Argentina’s largest grain market operates and the departure point for the vast majority of its agricultural exports, told Reuters.
Bonds and country risk
In the fixed income segment, on the other hand, the Argentine bonds in dollars they returned to negative territory and closed with the majority of setbacks, led by the Globals, one day after the National Securities Commission (CNV) established new regulations for the CCL dollar. It defined that the minimum period of stay in the portfolio will be one day for securities issued under Argentine law, and three days in the case of negotiable securities under foreign law. Thus, the so-called “parking” falls from two days to one for “Bonares” titles and increases from two to three days for “Globals”.
In this context, the most affected was Bonar 2038 (-2.3%), followed by Global 2029 (-1.7%) and Global 2041 (-1.7%). But they ended up raising the Global 2046 (+2.5%); Bonar 2029 (+1.7); and Bonar 2030 (+0.9%).
Indeed, the risk country it rebounds 0.9% and stands at 2,440 points.
“Argentina’s credit profile reflects the sovereign’s high economic volatility, lack of access to international market-based financing sources, and a significant dependence on the central bank to finance the government’s fiscal deficits”Moody’s said in a report. “The government’s highly erratic macro-fiscal policy framework promotes distortions and exacerbates imbalances, resulting in a very high risk of backsliding,” she added.
Source: Ambito
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