The stock index S&P Merval falls 0.76% and reaches 1,559,046.81 units, after losing a slight 0.18% the day before and scoring a record level of 1,584,054.47 points last week.
The Actions the lower those are Central Portwhich lost 2.46%, followed by those of IRSA (-2.39%) and Commercial Port (-2.02%). Meanwhile, those that rise are those of Edenor (+2.38%), Macro Bank (+0.8%) and Northern Gas Carrier (+0.72%).
The political context, key for the market
“Political noises, more than economic ones, are today what weighs the most in the market. All expectations are placed on the Base Law, and not so much on the fine print, which is already somewhat anecdotal, but on what it represents if an agreement is reached: the political capacity and pragmatism of the government,” said Augusto Posleman of Personal Investment Portfolio.
Libertarian President Javier Milei seeks the support of Congress to be able to implement his government plan at a time when the Senate is discussing in committee the so-called “Bases Law” and the fiscal package promoted by the Government.
Recent changes in the government after the appointment of the former Minister of the Interior, Guillermo Francos as Chief of Staff and the announcement that economist Federico Sturzenegger will occupy a new ministry linked to economic deregulation encourage market speculation.
For its part, The Treasury will tender this afternoon three ‘Lecaps’ bills for a nominal maximum of $3.5 billionin which it seeks to channel banking liquidity today in passive repos from the central bank (BCRA).
“The novelty this time is that there is a maximum price of $101,381 for the (letter) ‘S14L4’, which implies a minimum TEM (monthly effective rate) of 4.2%, above what was traded yesterday in the secondary market,” said the SBS Group.
Argentine shares on Wall Street
The shares of Argentine companies listed on the New York Stock Exchange operate with a majority of increases, led by Edenor (3.82%), Banco Macro, which climbed 3.2% and Pampa Energía (3.07%). Meanwhile, the shares that fell the most are those of Transportadora de Gas del Sur (-1.15%).
Bonds and country risk
The Sovereign bonds rise up to 2.3% this Wednesday and the country risk is located at 1,376 pointsconsolidates below 1,400 points and falls 2.8% on the day.
Source: Ambito
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