The stock market is going down this wednesday july 5 for profit takingafter a streak of purchases produced after knowing the presidential candidates for this year’s elections, considered friendly with the markets.
The leading index S&P Merval from the Buenos Aires Stock Exchange loses 1.3%, to 435,594,560 points, against his all-time high in the 443,475.81 units reached on the evedespite the liquidity cut due to the holiday in the United States.
This referential comes from earning 7.77% in the four previous roundsapart from having stood out in June with an increase of 24.61% in pesos.
The stock market comes from consecutive rises for portfolio hedges against high inflation and the devaluation daily domestic weight, while they await progress in the renegotiations of the Government with the IMF.
The companies that fall the most are BBVA (-4.2%), Supervielle (-3.8%), YPF (-3.7%) and Galician Group (-2.9%). Meanwhile, the only three that rise are Silver Commercial Society (-1.4%), Securities Bank (-1.4%) and Aluar (-0.4%).
Part of the optimism centers on the dialogue position of the Government with the International Monetary Fund (IMF) for adjust goals and advance disbursements that reinforce the battered reserves of the central bank (BCRA).
Argentina must face this week a maturity with the IMF for almost US$1.300 million and the payment of bond coupons in dollars for US$1,000 million, to which are added other maturities with the IMF for US$1,300 million later in the month.
“According to the usual schedule, we will be making the payment of coupons of the titles denominated and payable in foreign currency. In this way, we reaffirm once again our commitment to pay public debt obligations and the management of a financial strategy that provides peace of mind and certainty to the markets”, said the finance secretary, Eduardo Settion his Twitter account.
The steel giants ternium and Tenarisfrom the Argentine Techint Groupsaid at the close of the market last Monday that they completed the business of control of Brazil’s Usiminas to their Japanese partners, the companies reported through an operation announced in March.
through various companies, Techint now owns 61.3% of the capital of Usiminasafter the payment of US$141.7 million, some US$10 million more than what the transaction had been valued three months ago.
At the same time, Grupo Financiero Galicia announced the distribution of a cash dividend as of July 10 for 12,500 million pesos (48.3 million dollars).
For their part, the Argentine shares in the United States operate mixedafter Monday of inactivity for the Independence Day in that country.
Bonds, in fall
While, the bonds operate mixed. The ones that rise the most are Global 2038 (+1.9%), and the Global 2041 (+1.4%). The casualties, meanwhile, are led by the bonar 2029 (-1.8%), the bonar 2035 (+1.5%) and the bonar 2041 (-1.5%).
In this context, the country risk remains stable and, after having pierced 2,000 points on Monday for the first time since February, it is again above that value in the 2,037 points.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
