Argentine stocks, both those listed in Buenos Aires and those also listed in New York, closed the first week of the year positively.
The Merval index of major stocks jumped 2% on Friday. driven by the cards of the energy and financial companies, with which it recorded a new all-time high in pesos, settling at 213,794 points, equal to $632 when measured at cash value with liquids, still far from the 1,800 points it scored at the beginning of 2018before the run on the dollar led to a drop in stocks that peaked on the Monday after the PASO in August 2019.
In these latest rounds, the rises in bank shares stand out, the most affected in 2019 and those that take the longest to recover the values prior to that historic round, in which the MerVal fell by more than 50%.
The cases of the Galicia and Macro banks are, in terms of liquidity, the most paradigmatic. A market participant recalled that with a MerVal of $630, Banco Macro The price was $40. It closed at $18 yesterday.
Argentine newspapers’ weekly Wall Street advances were led by Edenor (+16.9%), Irsa (+14.9%) and Grupo Financiero Galicia (+13.8%).
The recovery potential is attractive, provided that the economy does not collapse due to the financial complications faced by the Economy, with debt in pesos, and the Central Bank, with leliqs.
Debt bonds have taken a breather. But the market will receive many dollars last week, when the interest coupons of the bonds issued by the 2020 exchange will be paid. We will have to see where those currencies that are charged in dollar bills end up.
Yesterday there was an extra boost to optimism on the stock market: employment data appeared from the United States which speak of a activity cooling. Therefore, the market is betting that the Federal Reserve has room to do it stop tightening monetary policy. In fact, the Wall Street stock indexes closed the round with increases of more than 2%
“Beyond this, there are better prospects on the domestic market too: the rate hike to control inflation hasn’t slowed down economic activity, and given that it’s an election year, many investors are also betting on a change in macro policy” , underlined in various consultancies.
The analysts of Rava BursatiI noticed, at closing yesterday.
The local stock market index has amassed over 160% growth in just over six monthsand makes the uptrend stronger and stronger.
Similarly, ADRs had another big day in New York, led by the banks. Galicia broke through the $11 resistance, a value reached at the beginning of April and which in the course of 2022 it was unable to touch. For his part, YP extensionperhaps the most important of the last few months, it exceeded 9 dollars.
Dollar bonds, after several turbulent days, remained stable in terms of market price. The yield of the AL30, one of the most watched securities on the market, exceeds 40% and its price has reached $25 or $0.25 per bond, which determines that its parity (initial investment / technical value) is by 25%. For its part, the GD30 is over $29 (or $0.29 per bond) but has an IRR (yield) of just over 36%.
Source: Clarin
