Investments in May: what were the stocks and bonds that beat high inflation

Stocks of the general panel had strong gains during May and topped the ranking of the most profitable local investments of the monthgiven the search for coverage due to the high inflation that, according to private consultants, they maintain will be around 9% and the depreciation of the official exchange rate that was higher than the rise in the blue dollar.

On the stock market, the leading stock index S&P Merval closed May with a rise of 14.8% to 342,078.48 points. Meanwhile, the measurement of the index in dollars rose 5.8% to 695.62. In the leading panel, the biggest increases in the month were for Mirgor (+33.1%), Cablevisión (+27.3%), Transportadora de Gas del Norte (+24.3%), Grupo Financiero Valores (+20.1%), and Transener (+19.9% ).

“In all cases, the shares of these companies have shown strength despite the political and economic noisebeing that 18 shares of the 21 that make up the Merval have beaten the rise of the MEP dollar in May“, explained Maximiliano Donzelli, Head of Research at IOL investoronline.

On the other hand, in the general panel, where the companies with the lowest volume are listed, Inversora Juramento jumped 92.4%, closely followed by Molinos (+72.3%), Carlos Casado (+69.1%), Havanna (+64.6%), and San Miguel (+64.6%) . “We highlight the rise in SAMI after learning about the reopening of the European market to citrus imports after two decades,” he said. tavelli in your report. This paper has accumulated 265.3% in the last year.

Lastly, Donzelli summarized: “It was another month that was marked by the volatility of financial dollars and uncertainty as they start to get closer presidential election. Despite all that, May ended up being very positive for the local financial market“.

Bonds and country risk

“Dollar-denominated bonds ended with recoveries measured in pesos and also in paritiesthroughout the entire yield curve, with increases that averaged almost 14%,” said Tavelli.

Thus, sovereign debt in dollars ended May in positive territory with increases of up to 13.1% thanks to Global 2029. The increases were also led by the Bonar 2038 (+10.3%), and the Bonar 2035 (+9.3%).

“Sovereign bonds, these have had a good recovery, with an average return of 8% in dollars. Although negotiable obligations rose by a lesser amount, they were also infected by the good performance of Argentine assets,” Donzelli said.

Given this, the analyst considered that “it is a logical rebound, after the fall of the correction of the last monthswhich occurred against a backdrop of uncertainty as the presidential elections approach.”

At the same time, titles in CER-adjusted pesos rose up to 17.9%, while long Duals ended with increases of up to more than 15%. In the last tender of Securities of the Ministry of Economy, 80% of the demand went to CER securities and 19.2% to Dollar Linked, and they achieved a rollover of 162%.