The shares of the Argentine Stock Market show a mostly positive trend this Thursday and the S&P Merval rises slightly, after the sharp fall of the previous day. Meanwhile, some bonds are recovering ground and country risk is rising.
The S&P Merval rebounded after falling sharply the previous day and break an eight-day upward rally. Dollar bonds, meanwhile, traded mixed after sinking up to 12% on Wednesday due to the strong intervention of the Government in order to lower the price of the stock exchange rates. Country risk falls sharply after hitting 6-month highs. This happened in a day of exchange tension and before the decision of the BCRA to raise the reference interest rate.
The S&P Merval stock index ended with an improvement of 2.3%, to 281,827.48 units, with which it accumulates so far this year a rise of 39.5%. Thus, the lead panel actions The ones that rose the most were Transportadora de Gas del Norte (+6.2%), BYMA (+4.7%), and Ternium (+4.1%).
The actions of the Argentine companies listed in New York (Wall Street) show a mixed trend, with increases of up to 2.5%, led by Grupo Financiero Galicia, Banco Macro (+1.7%) and Central Puerto (+1.7%). Meanwhile, the ones that fell the most are Adecoagro (-4.4%), Despegar (-3.3%) and Cresud (-1.14%).
Bonds and country risk
The bonds They closed with a mixed trend this Thursday, after a strong collapse on Wednesday, when they lost more than 12%. The one that fell the most this Thursday is Bonar 2030 (-3.1%), followed by Bonar 2029 (-2.2%) and Global 2038 (-1.9%).
Meanwhile, the country risk fell strongly 79 units, to 2,582 basis pointsafter shooting himself in the previous day almost 6% at 2,661 basis points, maximum of 6 months.
According to a PPI report, “Wednesday’s drop was the third steepest since the restructuring in September 2020.” In fact, The last time they had a larger magnitude was July 5, 2022, the date of the first round (working in the US) after the resignation of former Economy Minister Martín Guzmán.
But what happened? The same report argues that “to the somewhat fortuitous climate for EM credit, added a lot of political uncertainty following rumors of cabinet resignations and very little sell-off (zero yesterday) in the soybean dollar 3.0 framework. However, that that was not all.With the objective of appeasing the rise of the CCL, The government sought to intervene in the bond market by selling titles against pesos very aggressively”.
Source: Ambito
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