The main increases were registered by the titles of Ternium (3.5%), Banco Macro (2.6%) and Telecom (2.4%), while the most important drops were recorded by Transportadora de Gas del Norte and Edenor (3%) and Cresud (2, 8%). Meanwhile, shares on Wall Street register increases of up to 3.1% (Corporación América) and decreases of up to 7.2% (Mercado Libre) and Tenaris (6.6%)
The elections are considered key for the ruling coalition since if the results of the primaries held in September are repeated, it could lose control of Congress.
The Argentine market remained contrary to its benchmark New York Stock Exchange, since -after eight consecutive wheels on the rise- the main US indices fell from their highs. This occurred after knowing the producer price data (PPI) for October published by the Department of Labor, which indicated an increase compared to September; and in anticipation of the consumer price index (CPI).
Along these lines, the S&P 500 fell, driven by the decline in consumer discretionary stocks led by Tesla, as investors anticipate that CEO Elon Musk will shed 10% of his stake.
The economist Gustavo Ber pointed out that “beyond the external fluctuations, which are monitored sideways, Domestic assets are still mainly dominated by 14-N, with ADRs still activating tactical bets towards another ‘electoral trade’ despite going through a climate of greater volatility, while on the other hand, the bonds are still waiting for post-election signals. “
For Ber, “it happens that on the other side of the wall of the legislative elections the moment of key political definitions will come, based on the results and the reactions of the ruling party and the opposition, and thus the possibility of reaching consensus on an economic program “.
The analyst said that “this is crucial in order to move towards an agreement with the IMF, and especially to face the growing accumulated economic imbalances that have been postponed, since there are still two long years ahead of the current mandate.”
Country Risk and Bonds
In relation to fixed income, sovereign bonds in dollars, both local and foreign legislation ended the day in a mixed manner. In particular, bonds maturing in 2035 suffered the largest declines with figures that exceeded 1%. In this way, the country risk rose 0.9% to 1,731 points.
On the other hand, CER-adjusting bonds closed the wheel with general losses.
In this context, the Country Risk prepared by the JP Morgan bank falls 0.1% to 1,730 basis points compared to a historical limit of 1,747 units reached last week.
Source From: Ambito
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