A positive day is expected for equity assets this Monday, January 6. They have just ended a streak of five consecutive losses on Friday in Wall Street. This improves the climate in all global markets and, of course, also in Argentina.
In fact, at the start of the day, the S&P Merval climbs 2.9%. “For Argentine assets, it is possible that the good mood will remain, after some announcements that reinforce the credibility of the country: the payment of coupons and the REPO to the Central Bank (BCRA)“, he tells Ámbito at the opening of the market Eric Paniagua, analyst at Epyca Consultores.
Stocks, with good dynamics
The shares that rose the most are those of Telecom (TCO), which climbed 5.7%followed by Transportadora de Gas del Norte (TGN), with +5.2%, and Central Puerto (CEPU) and Comercial del Plata (COME), both with an increase of 4.4%. Meanwhile, the role of Metrogas (MTR), which was one of the stars of the stock market in recent months, is losing 4% today.
“There were reports from abroad about banks and utilities again. They also spoke quite well about the REPO that Argentina took. That Argentina has returned to the markets with a REPO is good news and mainly affects the financial sector first,” they say from the Bullmarket Brokers Research team.
In any case, he points out that what rises the most are the actions recommended a week ago by JP Morgan and Goldman Sachs and today an analysis of Barclays will begin to circulate. “REPO, reports and perhaps something linked to the exchange rate,” they list when thinking about the fundamentals of the rise.
ADRs also rise
On Wall Street, Argentine stocks also mostly show an upward trend, led by Banco Macro (+5.22%), Loma Negra (+4.8%) and Supervielle (+4.2%). This is an interesting increase motivated mainly by international reports.
Bonds, on the rise, and country risk pierced 600 basis points
Along the same lines, the financial analyst Leonardo Svirsky mentions that “the bond and stock rally continues, since the news coming from the Government generates a lot of expectations for the future.” He details that this week we already have the payment of the rents and amortizations of the sovereign bonds and that generates a lot of confidence in the market.
The bonds operate this Monday with increases of up to 1.4%, led by the Global 2041 (GD41), the Bonar AL35 (+0.8%) and AL41 (+0.8%). The country risk is on the downside this Monday and is located in the 578 basis pointsbelow 600 units for the first time in seven years. This creates a good perspective.
Svirsky is enthusiastic about his vision going forward: “With this, plus the addition of possible agreements with foreign organizations, plus the influx of fresh dollars, It is very likely that we could see a country risk at levels of 400 points in the not too distant future.“.
Source: Ambito
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