06/09/2020 - 12:46
- Clarín.com
- Economy
- Economy
The announcement of the expropriation of the Argentine cereal company Vicentín did not go down well in the stock markets. Shares of local companies listed on Wall Street lose up to 8%, while in Buenos Aires the S&P Merval falls 2.7%.
YPF, the company that will have to take over Vicentín, loses 2.4%, although it fell 10% at the start of the round. Now she is not the hardest hit. The companies that fall the most on the United States Stock Exchange are Edenor and Telecom (8%), the banks Galicia, Supervielle, Francés and Macro (about 6%), Central Puerto and Ternium.
Even Glencore, Vicentín's partner in the Renova company, received the impact of the expropriation announcement: the stock of that cereal company falls almost 3% in London.
The bonds to be restructured also drop, which makes the country risk rise 3.5%, to 2,558 basis points. It is that the bondholders let it be known that Alberto Fernández's move to intervene a private company that was in the process of bankruptcy in the Justice, does not precisely bring them security that Argentina will fulfill its obligations in the future.
Creditors are waiting for a new proposal from the government that comes closer to their claims. June 12 is the date to negotiate, but it will surely be extended.
For their part, dollars remain relatively calm. The MEP dollar rises 0.3%, to $ 110.34, while the cash with liquidity falls 0.1%, to $ 116.27. The blue dollar rises one cent, to $ 125.
