S&P Merval shares fly up to 10% in the final stretch towards the runoff

S&P Merval shares fly up to 10% in the final stretch towards the runoff

The Buenos Aires stock market rebounds strongly this Thursday, November 9, on a day marked by the results presentation of the third quarter of some key Argentine signatures, and in the final stretch towards the presidential runoff.

After three consecutive falls, the index S&P Merval scales 6.6% until the 623,564 points. The leading panel had just lost a sustained 10.6% in the previous three sessions.

In that framework, the Actions that make up the leading panel of operate with generalized increasesheaded by Central Portthat climb 10%. They are followed by the papers of Aluar (+9.1%) and Ternium (+8.6%).

On November 19, the current Minister of Economy will measure his strength at the polls, Sergio Massadefender of the peso as currency, and the ultraliberal Javier Milei, which points to dollarization and the elimination of the central bank (BCRA).

Just days before the second presidential round, “the poll tracker shows a very close race between the current minister Massa and the libertarian Milei”, JP.Morgan bank said in a latest report.

“As usual, we note that recent history requires that surveys and polls be taken with a grain of salt. However, we believe there is information embedded in terms of levels, trends and potential turning points.”he noted.

The stock market has seen an improvement of around 195% so far this year, compared to an inflation estimated by analysts of 180% for all of 2023, placing it among the 10 nations with the greatest pressure on retail prices in the world.

YPF, oil company under state control of Argentina, experienced a drop in production in the third quarter but “recovered strongly” in October, executives said. The company lost $137 million in that quarter, as it was hit by a drop in local dollar fuel prices and increased expenses.

Argentine shares on Wall Street

On Wall Street, the shares of Argentine companies they note majority of increases, among which Edenor (+5.4%) stands out; the bank BBVA (+4.1%), Cresud (+3.6%); Black Hill (+3.4%) and View (+3.3%).

Meanwhile, those that fall are Globant (-2%); Bioceres (-0.8%), Free market (-0.8%); and America Corporation (-0.5%).

Source: Ambito

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