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Merval shares rose more than 12% on three wheels: better global humor or electoral bet?


In the market they see a 'Macri effect' in the improvement of prices. Bonuses also improved.

The shares of Argentine companies have been rising on Wall Street for three days this Wednesday, and the S&P Merval accumulates an improvement of 12% in the last three rounds.

Although this week a better mood reigns in global markets, in the City they believe that the rise in Argentine shares has

a political seasoning

behind it, after former President Mauricio Macri dropped out of the presidential race last weekend.

"The market understands that

the news strengthens

and makes the PASO elections of the

Juntos por el Cambio space

more competitive . In addition, it conditions the Frente de Todos, which has yet to define its candidates (it is very likely that Cristina Fernández will not be a presidential candidate in this context) and an electoral strategy with less than 140 days left for the primaries," said Martín Polo, from Cohen.

The main New York indices closed lower on Tuesday, led by the Nasdaq, which lost 0.4% after advancing in the first session of the week.

Despite this scenario of greater caution on Wall Street, Argentine ADRs chained a second round of improvements, led by Telecom's share, which rose 8.6%.

This Wednesday they rise an average of 2%

, but increases of up to 4% (YPF) are seen.

These increases prop up the Merval index, which on Tuesday ended with a jump of more than 4%, if measured at the price of cash with settlement.

All the papers that operate in the local stock market ended with improvements.

In any case, they are not enough to erase the reds that accumulated during this month. 

"After the correction that the local index had, in which it reached values ​​of 210,000 points after retreating almost 20% from the maximums reached at the beginning of the year, the Argentine market seems to react contrary to what is happening on Wall Street,


strong rise in the shares and promoting an optimism that until a few weeks ago was not very predictable", said Mauro Natalucci, from Rava, at the end of the conference.

Argentine bonds also presented improvements on Tuesday, which reached 2.7% in the case of the Bonar 2038 in dollars.

And this Wednesday they take a similar step, with increases of up to 2.10%.

Country risk fell 1.7% to 2,477 basis points.

"Surprisingly, after five days down, the Globals and Bonares ended their first positive round since the announcement of the public sector bond program in dollars (03/22) as opposed to their emerging peers, which closed with slight drops" they said on PPI.

"NY law titles climbed between 0.5% and 1% along the curve, while those denominated in local law climbed between 0.4% and 3.4%," they detailed.


look also

In the midst of the lack of foreign currency, the blue dollar jumped again: it rose seven pesos and closed at $397

Bond exchange: the UBA will carry out the audit and the opinion could be ready in three weeks

Source: clarin

All business articles on 2023-03-29

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