Shares rose to 8% after May Pact
After a month and a half of delay, President Javier Miley managed yesterday to sign the May Pact with 18 governors, who, among other things, committed to achieving financial balance. In returnArgentine stocks rose 8% on Wednesday The Buenos Aires stock market and sovereign debt bonds turned green, indicating positive movement at the international level.
In harmony with the world’s major stock exchanges, Today, the S&P Merval registered a 2.8% increase. compared to Monday’s close. The main panel, which consists of companies with the largest volume of transactions, Edenor (+8.8%), Northern gas carrier (+6.8%) and BBVA (+6.4%).
The numbers marked in green can also be seen among Argentine shares listed on the New York Stock Exchange (ADR). Documents irsa led the way with a 5.4% gain, followed by Edenor (+5.3%), Southern gas carrier (+2.8%) and Black Hill (+2.7%).
“Taking advantage of heightened risk appetite in the North ahead of US inflation data, domestic assets extended their recovery from recent declines today. Operators are paying close attention to the May Pact, in search of an assessment of the ability to achieve greater political consensus on governance, as well as the latest definitions regarding the exit strategy from the trap,” said Gustavo Ber, economist at Estudio Ber.
bonuses Sovereign debt traded higher after the government paid holders US$2.56 billion in coupons and interest. Bonares rose to 5.73% (AL29D) and Globales to 2.7% (GD35D). Consequently, country of risk It lost 14 units to 1,477 basis points (-0.94%).
“The government had to pay bondholders about US$2,500 million. In addition, it will have US$300 million available from the funds raised by the Anses Sustainable Development Guarantee Fund. The market anticipates that companies in need of local currency liquidity to cover debts and expenses may cancel the MEP. This will lower the prices of both financial and informal dollars. In this sense, the government’s goal is to dry up the peso market, which will lead to a fall in the financial and blue dollar,” said Ignacio Morales, an analyst at Wise Capital.
In this scenario European Parliament dollar ended the day on the capital markets at $1,377.39, down about $9.5 from Monday (-0.7%). On the other hand, Cash on delivery (CCL) It closed at $1,390.55, representing a daily gain of $4 (+0.3%).
“It appears that even without the rate cut announcement, the maximum tension in CCL has already subsided. In a financial tender on Wednesday, the economic group appeared to be trying to support this process, as it proposed a dollar peg with a minimum rate significantly higher than the secondary market. In an environment where the gap has widened to 50%, “The economic team offers what the market demands: coverage against the official dollar,” added from Personal Investment Portfolio (PIP)
Today The official wholesale exchange rate is US$919.50, equivalent to a daily microdevaluation of $1 (+0.1%). Compared to cash, the currency gap was 51.2%
On the other hand, at the end of the day, the small trees that grow in City portenya sold Blue dollars priced at $1,450. This is a $10 increase from the previous close (+0.7%). which led to it reaching its highest face value ever.
However, inflation distorts the concept of prices. For example, in January of this year, free contributions reached US$1,250, which in real terms (taking into account local and international inflation) That would be the equivalent of seeing $2,055 on screen today. according to PPI analysis.
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