This Thursday there was optimism in the Argentine market, added to an accompanying international context. He country risk left its upward trend of the last two wheels and drilled all 430 points.
The country risk fell six units and stood at 429 basis points (-1.8%)according to the Rava Bursátil screens. The last time the indicator prepared by JP Morgan had similar values, we must go back to April 30, 2018, during the presidency of Mauricio Macri, which closed at 430 units. In this way, it approached its minimum in Javier Milei’s management, when it reached 425 points last Monday.
This movement was a consequence of the performance of the sovereign bonds. Securities under local law rose up to 0.9% thanks to AL41D. Meanwhile, the Globals fell to 0.5% (GD46D), while the GD46D rose 1%.
For their part, the Argentine shares listed on the New York Stock Exchange (ADR) They operated in positive territory, in line with the main Wall Street indices. Led the panel BBVA with a rise of 4.1%, followed by Macro Bank (+3.2%), Black Hill (+2%) and Edenor (+1.7%). Telecom (-5.6%), Tenaris (-3.2%) and Ternium (-2.5%) fell.
The most striking thing was the fall of Globantwhich was 11.2%. It was not due to any specific announcement that the company made, but rather Accenture presented its latest earnings report and was negatively received by the markets, which led its shares to plummet 18%. Being one of the main references in the industry, it dragged down technological services companies, as happened with IBM (-5%).
The Merval rose 1.3% and was quoted at 3,337,448.40equivalent to US$2,216.96 when adjusted for the dollar counted with settlement (+1.2%). The largest increases were in the financial sector: BBVA (+4.5%), Banco Macro (+4.4%) and Bolsas y Mercados Argentinos (+3.4%). They retreated Telecom (-3.9%), Transener (-0.9%) and YPF (-0.9%).
The analyst Fernando Marull observed that the performance of Argentine stocks and bonds reflects the good financial news that there was in recent times. The most recent was the agreement with the World Bank for a package of guarantees for US$2 billion for Argentina to refinance debt payments. This “triggered the rebound”, added to the constant purchase of reserves by the Central Bank (BCRA) and the increase in the Argentine debt rating. In turn, today there was a “slightly better” global climate following the agreement between the US and Iran to end the conflict in the Middle East.
Fernando Camusso observed that “the market does not rise because of today’s data, it rises because it is positioning itself before June 23,” which is when Morgan Stanley Capital International (MSCI) will announce Argentina’s rating. “If MSCI uploads Argentina to Mercado de Frontera, flows of funds from abroad are enabled that today cannot touch Argentine assets due to statutes”, he noted.
dollar today
The different exchange rates trended upward during the exchange session this Thursday. He official retail dollar It added $10 (+0.7%) and closed at $1,470 for sale at Banco Nación. The average price of the banks was around $1,470.01, according to the daily survey of financial entities carried out by the Central Bank (BCRA).
For his part, the wholesaler traded at $1,450.62, $9.32 more than its opening value (0.7%). In this way, it was located 19% below the ceiling of the exchange band, established today at $1,788.47.
He MEP dollar It added $5.43 (+0.4%) and appeared on screens at $1,467.06. He cash with settlement (CCL) remained stable and traded at $1,506.68.
For his part, the blue dollar It totaled $10 (+0.7%) and was sold in the City of Buenos Aires for $1,485 for sale. Since last Friday, it accumulated a rise of $35 and was at the highest value since the end of February.
