The S&P Merval has accumulated a 71.2% rise in the year to 1,591,696.83 points. For its part, measured in dollars, it advances 25.2% to US$1,256.11.
In a year with high volatility in markets, both internationally and locallyit is more than interesting to analyze what leading stocks have managed to beat inflation so far in 2024, a task that is not at all easy, considering that Argentina has one of the highest CPIs in the world.
Thus, in the case of local variable income, they are Banks are leading the rise so far this year, stocks that have been lagging behind energy companies in recent times.
Overall, the S&P Merval rose 71.2% this year to 1,591,696.83 pointsfor its part, Measured in dollars, it rose 25.2% to US$1,256.11.
In the year-to-date, the leading stocks that have increased the most are: Commercial Society of the Silver (+215.7%), Galicia Financial Group(+161.2%), Macro Bank (+155.2%), BBVA Bank (+116.8%), and Supervielle Bank (+108.7%). In this way, there are only five stocks from the leading panel that beat the accumulated inflation in that period (it is projected to be above 80%).
S&P Merval traffic light: the current picture
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The traffic light of the S&P Merval that elaborates IEBrevealed that there were variations in the flows destined for the equity mutual funds, where we began to notice net redemptions during the first week of Augustso they decided to return to a yellow light for this indicator.
Additionally, they reported that Pampa Energía announced a new share buyback program along with the presentation of its quarterly resultswhich is why they continue to see that at these prices the controlling owners prefer to buy back their shares rather than get rid of them.
However, “our view of the equity market remains cautious. Even after the strong correction that the index has had, the point to watch will be what happens with sovereign debt mainly.“.
What happens with the returns on fixed-term deposits and Lecaps?
Meanwhile, Fixed-term deposit rates are currently between 30% APR and 40% APRthis implies a monthly interest, in the case of the best payer 3.28% monthly, That is, for the moment, a negative real rate since the months for July are expected to have a monthly CPI of around 4%.
For their part, the Lecaps (Treasury Capitalizable Letters), for now the new stars of the market, yield between 37.75% TNA (16/08) and 55.50% TNA (31/03).
Source: Ambito
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