The S&P Merval continues on a roll and scores its sixth rise in a row; country risk touches minimum in 9 wheels

For its part, in the external context, speculation that the Federal Reserve will finish raising interest rates soon encourage risk placements.

In this context, the leading index S&P Merval by BYMA operates with a improvement of 1.5% and rises to 274,325,180 units. Leading stocks are up 3.6%, with a panel almost entirely in the green.

The improvement in the market continued to be led by energy companies, such as YPF, and financial companies, while those linked to exports began a significant recovery. “It is possible to think that this increase is due to the fact that yesterday (Thursday) the opposition made it clear that one of the main changes to be carried out in the event of winning the elections (in October) is the withdrawal of withholdings on exports “, commented Ayelen Romero from Rava Bursátil.

In that framework, the ADRs and shares of Argentine companies on Wall Street They also show a positive trend this Friday, with increases of up to 4.6%. Such is the case of BBVA bank, which leads the rises, followed by Grupo Supervielle (+3.6%), Banco Macro (+3.9%), Central Puerto (+1.9%), Telecom (+1.7%), Vista Energy (+1.7%), Transportadora Gas del Sur (1.6%), Grupo Financiero Galicia (+1.5%) , and Pampa Energía (+1.2%).

In addition, they operate on positive ground Adecoagro (1%), IRSA (+1%) and YPF (+0.9%), Edenor (+0.8%), Despegar (+0.3%) and Mercado Libre (+0.3%).

Meanwhile, the papers of Argentine companies that fall in New York are those of Bioceres (-1.4%), Cresud (-0.9%) and Loma Negra (-0.6%).

The financial market operated with improvements in response to the important volume that was registered the day before in the so-called agricultural dollar, which stimulates exports from the agricultural sector at a differentiated exchange rate.

Settlements with the brand new special exchange totaled some 573.98 million dollars on Thursday, a situation that allowed the Central Bank (BCRA) to manage to add some 332 million dollars for its battered reserves.

“Yesterday’s record sale (Thursday) revived optimism regarding the performance of the program,” he said. Personal Investment Portfolio (PPI). He added that “despite the fact that there are still doubts about the supposed low sales of producers -in theory it was more a question of exporters-, the larger number improves the prospect of accumulation of reserves, and, therefore, the probability payment of the following coupons”.

Exporters could have liquidated soybeans that they already had in their possession without necessarily having acquired volume from producers, he explained and said that this is a ‘one shot’ movement that will not make the scheme work to stay, so the reluctance of producers to sell it must inexorably disappear to make it successful -for which higher prices are needed than those offered-.

Bonds and country risk

In the fixed income segment, the dollar bonds show majority declines. The one that falls the most is the GD35 (-0.9%), followed by the AE38 (-0.8%) and the AL35 (-0.7%). Meanwhile, the rise in GD46 (+1.8%) stands out.

“Traders are evaluating possible arbitrations that could be opened between (the bonds under) NY (New York) and local law,” said a private economist.

So, Argentine country risk falls 0.8% to 2,354 points basic, the lowest level in nine wheels.

Among the bonds in pesos, on the other hand, there is an improvement in the performance of CER securities, which adjust for inflation, such as the TX24 (+1.1%), TX26 (+0.6%) and TX28 (+0.7%). Towards the close of the market, the announcement of the Consumer Price Index (CPI) for March is expected, which according to private surveys would be above 7%.