While the local stock exchange in Buenos Aires returns to positive territory, after the decline of the previous day, and is preparing to break a new record approaching its all-time high; Argentine stocks trading on Wall Street are up to over 10%.

Outside raises go hand in hand with Mercado Libre newspapers rising more than 10% in New York, and Ternium which rises by 9%. Further back but up Cresud, with a gain of 6.6%.

On the local side, the stock market round is approaching an all-time high, in the midst of hedges driven by inflation and the devaluation of the weight that impact the local economy.

the indexand S&P Merval of Buenos Aires rose 1.2% to 152,221.5 pointsclose to the intraday record of 154,031.5 units recorded last Tuesday.

The shares driving the advance in the local market are: Cresud, which also adds 6%, Transportadora de Gas del Norte, with over 3%, and Transportadora de Gas del Sur, over 2%.

From next Monday, 7 October, Argentine stock exchange activity is extended by 60 minutes until 18:00 local time, from 11:00 opening timetrying to align the operation with Wall Street’s northern winter schedule.

In the fixed income market, dollar bonds move up and down. On the profit side there are: the Bglobal 2030, with an increase of almost 1%; Bonar 2030 and Bonar 2029. Losses go hand in hand with Global 2035, which loses 2.2% and Bonar 2035, which returns 0.2%.

For its part, the country risk measured by JP Morgan banking remains unchanged at 2,589 units.

The results of MercadoLibre

Marcos Galperin’s company reported net income of $ 129 million in the third quarter of 2022, which compares with the same period of the previous year net profit of US $ 95 million. This represents a 35.8% improvement in results year-on-year.

In its financial statements for the third quarter, Meli records an operating profit for the period of US $ 296 million, with an operating margin of 11%.

In any case, the value of the company has not been exempt from the decline in international markets and the negative trend of companies in the technology sector in the last year. Mercado Libre’s stock market value stands at 50% of its August 2020 record1, when it passed the $ 100 billion valuation.

According to data presented by the company founded by Marcos Galperin, between July and September it achieved net sales of $ 2.7 billion, a figure that marks a net year-over-year growth of 61% at constant currency.

“Mercado Pago had another great quarter, with unique active Fintech users exceeding the 40 million mark for the first time,” said Mercado Libre in the official presentation of its quarterly results.

New York Markets

The major Wall Street indices go up this Friday following the data on the unemployment rate in the United States.

The Dow Jones was up 0.35% to 32,113.10 units, while the S&P 500 gained 0.46% to 3,731.13. The Nasdaq Composite advanced 0.13% to 10,742.06 units.

The US Department of Labor’s Non-Farm Payroll Report showed that the unemployment rate rose to 3.7% last month from 3.5%, suggesting some easing in labor market conditions.

YN