The S&P Merval in dollars reached its highest level in six years and bonds climbed up to 4.3%

The Buenos Aires stock exchange went down almost 2% in pesos this Thursday, September 5, but in dollars reached to overcome in the day the 1,400 points, its highest level in six years, due to the sharp drop in the CCL exchange rate – although it later moderated this advance. This happened at a time when Javier Milei’s government is trying to get the economy out of recession by implementing an ambitious money laundering scheme.

In this framework, the dollar-denominated bonds They extended the greens from the previous dayso the country risk He went down and stood a step away from the 1,450 basis points.

In equities, meanwhile, the S&P Merval lost 1.8% to 1,765,465.04 points, after starting the day on the rise and marking a nominal record in pesos in 1,830,229.11 units. Meanwhile, in dollars (CCL) the leading index reached a peak of 1,434.08 pointsits highest level since 2018 thanks to the sharp drop in the CCL dollar, although it later closed at 1,383.33.

The leading panel’s shares traded mostly lower, up to 4.5%, led by BYMAfollowed by Aluar (-3.9%), Ternium (-3.4%), Macro Bank (-2.9%) and BBVA (-2.7%). Meanwhile, the papers that rose the most were those of Irsa (+3.4%), Edenor (+2.7%), Transener (-2%) and Telecom (+1.8%).

“After three months, the Merval It once again marked a new high since 2018. Specifically, the last time had been on June 22 of that year, when it marked US$1,396 in constant termsAs we have mentioned on other occasions, we believe that shares have a lot of value to give, because We are still far from the peak of January 2018 which in constant terms exceeds the u$s2.270″they highlighted in the daily report of PPI.

In turn, the The parallel dollar deepened its decline this Thursday within the framework of the money launderingwhich generates a greater circulation of dollars and helps the strength of the local currency, something unusual in the country’s exchange history. “The effect of capital inflows due to money laundering is beginning to show its effects in the decline of financial dollars (rise of the peso)”he stressed Stock Market Rava.

Argentine stocks on Wall Street

For their part, the Argentine papers that are listed in Wall Street ended mixed. The main increases were for Edenor (+4.9%), Telecom (+4.3%), IRSA (+4.3%) and Cresud (+2.4%).

The most important losses, meanwhile, were for Bioceres (-2.5%), Vista Energy (-2%), Macro Bank (-1.7%), BBVA (-1.5%), Supervielle Group (-1.2%) and Take off (-1.1%).

In turn, YPF shares fell 0.5%. Within the framework of the management of its corporate debt, The oil company received offers for US$1,784.2 millions for your new ON to 2031of which he took US$500 millions at a rate of 8.75%With these funds, will buy back part of their International ONs maturing in 2025 and 2027thus extending the maturities of its debt. The early acceptance offer will be valid until September 12 and the late period extends until the 27th of this month..

According to PPI, this is “a good opportunity to enter the buyback period in the early period and with those funds seek good returns within the YPF curve.”

Likewise, the oil company Viewthe second largest operator of unconventional hydrocarbons in the country, will total investments of around 1.1 billion dollars in 2024 to speed up production in Dead Cowits founder and chief executive told Reuters, Miguel Galuccio.

Bonds and country risk

The Dollar-denominated securities posted their second consecutive day of gains. Those who marked the greatest increases were the Global 2046 (+4.3%), followed by Bonar 2029 (+1.8%), and the Bonar 2035 (+1.7%). Thus, the country risk measured by the JPMorgan fell 0.9% to 1,452 basis points.

“In terms of strategy, we find the option attractive. ‘Hard dollar’ debt with a medium-term view, “in a context where the Government manages to maintain the reform agenda, and advances in the normalization and deregulation of the economy,” they said. Capital Markets Argentina. “As far as weights are concerned, a moment of uncertainty given the different scenarios For the exit from the ‘cepo’ (exchange controls), we consider the best alternative to reduce ‘duration’ until we have more details on the path to follow,” they said..