Bank stocks, which had been lagging behind, recovered lost ground and led the gains among the papers with the most gains. Dollar bonds had a great month.
Investments in March: what were the best investments in the stock market
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Despite some political setbacks, The Government achieved a consolidation in the fiscal accounts (obtained twin surpluses for the second consecutive month), an objective that was validated by the market which again managed to ensure that Argentine assets closed with strong profits. In this way, what happened in February was reversed when Argentine assets ended up with losses.
Although it continues with the liquefaction of salaries and pensionsthe slowdown of the inflation even faster than expected and the pax exchange, were taken as a good sign this month. Internationally, the Fed kept benchmark rates at the current level but hopes for 3 cuts this year grew. the appetite for risk assets.
Argentine stocks
He S&P Merval accumulated a monthly improvement close to 19.6% measured in pesos, and 18.1% calculated in dollars (CCL). The ranking of the best performances is headed by financial papers led by BYMA (+41.3%); BBVA bank (+37.5%); and Supervielle (+35%).
“We believe that The banks experienced an abrupt rise given that they were lagging behind other Merval assets. Even after the rally, they have attractive valuation ratios within the Merval, although not so compared to the United States or Brazil. The boost was also given by the solid results they achieved, moving away from the traditional business and lending to the public sector,” they explained from IOL Invertironline.
Dollar bonds
The Argentine country risk closed March at 1,441 points, although In the month it lost 15.5% to return to almost minimum levels since the beginning of 2021. Thus, the bonds that rose the most in the month were the Bonar 2038 (+22.3%), Global 2029 (+20.6%), and Bonar 2041 (+20.3%).
The IOL Invertironline Research team explained that the increase responds to a clear support for the adjustment measures of the new government that seek to try to order the macroeconomic imbalances that still affect the Argentine economy.
Bonds in pesos
The bonds tied to CER that advanced the most in the month were TX26 (+16.3%), the DIP0 (+16.6%), and the DICP (+13.2%). As to dollar linkedthe exchange rate pax caused the advances to be strongly moderated: ended in T2V4 (+1.9%), and TV 24 (+4.1%). As for the BOPREALES the one that rose the most was BPOB7 to 8.1%.
Source: Ambito
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