Investments in January: non-leading stocks shined in the month they flew up to 300%

During the second month of Javier Milei’s government, the S&P Merval showed a rise of more than 35% in pesos, a profit that was well above inflation and, measured in dollars, it returned to the level of US$1,000 with an increase of 5.6%. However, The General Panel recorded a strong volume that was evidenced by the increase of up to 300% in some papers.

General Panel: what were the jewels of the month

In his report this month, Tavelli stressed that “after the rises of the leading Panel last month, the flow of money largely rotated to the General Panelthat scored several members in the top ten“. Thus, among the main rises, the star was undoubtedly Boldta company dedicated to providing data processing services and information technology (IT) solutions, which It climbed no more and no less than 304.5% in just one month.

Other important increases in the General Panel they recorded them Domecwhich is dedicated to the manufacture of gas stoves, with an advance of 186.7%behind her he stood Polledoa construction company, which rose 160%and Carbochlorthe only local producer of octane boosters, which made a profit of 147%. They complete the biggest promotions: GCDI (+116.2%), Oath Investor (+109.5%) and Camuzzi Gas Pampeana (+103.3%).

What is behind the increases in the General Panel?

Juan Martin Yanzonhead trader ConoSur Investmentsin a conversation with this medium, said that behind these increases there are three causes: “First, If you look at the market in general, it has been registering increases almost non-stop since July 2022almost four times, and it is natural that when the market has processes like, “the universe of investors goes out to look for what is cheap, rather, what has been relegated.”

Secondly, he expressed that, as a consequence of the first, “These papers have little volume and their possession is very atomized.“There are no large participants with tenure and that causes the movements to deepen,” said Yazon. “When there is interest, demand cannot be supplied and when there is disinterest, neither can supply, which results in: volatility“, He launched.

Finally, he said that “it would not surprise me if in some specific papers there are participants with sensitive information or in advance which, combined with low volume, cause large changes in prices before the data or news is known”, although he stressed that, in this case, It’s a guess. Regarding the volume traded, he revealed that the holding of the FCI maintained its exposure.

Leading Panel: strong advances by banks

He S&P Merval advanced in January 35.6% up to 1,260,562.62 points. While, measured in Dollars, rose 5.7% to US$1,009.56. Inside of the leading panelthe biggest rises were for the banking sector: Galicia Financial Group (+64%), Macro Bank (+60%), BBVA Bank (+45.3%) and Supervielle Bank (45.1%). After them, they also advanced strongly: Mirgor (+44.1%), Telecom (+43.2%), and Cablevision (+38.8%).

Despite the rise in the financial dollar, which appreciated 28% during January, the truth is that 14 shares of the 21 that make up Merval beat the advance of the cable dollar. “In line with what the last few months were like after the runoff, the market showed a new shock of confidence for the ruling administrationwhich has already taken its first adjustment measures and is currently facing its first major challenge in the Legislative Chambers,” he said. Maximiliano DonzelliHead of Research IOL investonline.

When asked about, Why is the S&P Merval rising? Alejandro Bianchifounder of Investment advisorhe told Ambit: “What is happening is that the banks specifically, that within the Merval index it has a very important weighting, They are recovering the values ​​they had before the PASO of 2019. This also generates a rise in the assets of banks that have strong exposures in the public sectors.”

And, regarding his view with the other sectors, he said: “The energetic were a little late this month product of a drop in oil for much of January but rebounded in the last week. Likewise, this sector had previously risen too much and that is why it was not so much the energy companies as the banks that were the drivers of the local market.”