After the strong jump of the day before, the S&P Merval extends its bullish rally this Wednesday, June 7, with the renewal of the four-year record level in dollars and great volume dynamics. Banking entities are once again among the papers with the highest earnings of the day.
Thus, the leading stock index S&P Merval falls 0.7%, to 388,089.58 points, after recording its intraday record high of 388,548.78 units. Thus, among the main increases is Macro bank (+4.6%), Grupo Financiero Galicia (+3.2%), and BBVA bank (+3%).
The Ministry of Finance will specify tomorrow a new voluntary debt exchange in pesos to refinance the more than $6,000 million that mature during the third quarter of this year, for titles payable in 2024 and 2025. The largest amount of this operation corresponds to this month, when $1.8 billion matures, of which close to 85% is in the hands of the private sector and the rest in the hands of different public departments.
The Ministry of Economy explained last week that “given the proportion of maturities of the public sector and the accompaniment of the private sector in periodic tenders, the objective (of the exchange) is to achieve an extension of terms that clears maturities and generates greater predictability in the market“.
A private bank agent commented: “There are prices in pesos for stocks and bonds that look attractive and the market makes it known every day, although the selectivity is notorious based on the perception that each investor has.”
At the same time, the Government negotiates with the International Monetary Fund (IMF) to reschedule goals and advance disbursements, days after renewing and expanding a line of currency swap with Chinawith the idea of give margin to the central bank (BCRA) to sustain the price of the peso and stop the bleeding of reserves.
Bonds and country risk
In the fixed income segment, the bonds denominated in dollars register strong increases. The greatest rise is for the Global 2041 (+8.9%) but the Bonar 2030 (+3.7%), the Bonar 2035 (+2.9%), the Bonaer 2038 (+2.8%) also rose strongly %).
So, country risk measured by JP.Morgan bank falls 51 units to 2,337 basis points, a new minimum in almost two months.
Source: Ambito
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