The S&P Merval maintains an upward trend in a day without activity on Wall Street, but local bonds are trading lower and the country risk falls.
The local market operates limited in a day without activity on Wall Street.
He Argentine stock market operates higher this Tuesday in a day of activity reduced by the Wall Street holiday as a consequence of the commemoration of Independence Day in the United States. The search for coverage continues due to the electoral and inflationary context by a large part of investors, but bonds in dollars show a poor performance in the first hours of operation.
Meanwhile, the shares maintain the good run, with increases of up to 2.28% this Tuesday, led by Transportadora de Gas del Sur, and The main indicator of the Buenos Aires Stock Exchange, the S&P Merval, rises 0.39%, reaching 438,317.83 points.
The Argentine stock market flirts with top levels after reaching its all-time high of 442,749.42 units the previous week. Part of the optimism is focused on the government’s dialogue position with the International Monetary Fund (IMF) to adjust goals and advance disbursements that reinforce the battered reserves of the Central Bank (BCRA).
The steel giants Ternium and Tenaris, of the Argentine Grupo Techint, said on Monday at the close of the market that they completed the control business of the Brazilian Usiminas with their Japanese partners, the companies reported through an operation announced in March. Through different companies, Techint came to have 61.3% of the capital of Usiminas, after the payment of US$141.7 million, some US$10 million more than the value of the transaction three months ago.
In turn, Grupo Financiero Galicia announced the distribution of a cash dividend as of July 10 for 12,500 million pesos (48.3 million dollars).
Stocks do not trade on Wall Street
Argentine shares in the United States have no activity this Tuesday since, as noted, Wall Street does not operate for Independence Day in that country.
Bonds, in fall
While, bonds are trending down, after several days on the rise. The party was cut off this Tuesday and they registered falls of up to 1.9%. The one that sinks the most in the day is the AL29, followed by the AL30 and the Global 2035 (both fall 1.4%).
Analysts do not rule out that it is a profit taking process, but they warn that today’s dynamics should not be taken as a reference since it is affected for the holiday in the United States.
In this context, the country risk rises and, after having pierced 2,000 points on Monday for the first time since February, it is located again above that value at 2,036 points.
Source: Ambito
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