No menu items!

YPF’s share flies to New York: it rises by more than 10% after the agreement with Maxus

Share This Post

- Advertisement -

YPF stock climbs nearly 12% in New York from the opening of this Monday, after the agreement for the trial of Maxus was confirmed last Thursday, for which the state oil company has to pay $575 million together with Repsol close the lawsuit for environmental damage started in 2005.

- Advertisement -

As the deal was known on Thursday evening and there was no trading in the markets on Friday, this Monday’s wheel is the first reaction to the news. With this improvement, YPF’s ADR racks up a dollar gain of more than 13% so far this month and an increase of 35% since the beginning of the year. The stock is back trading above US$12, a price it hasn’t had since 2019.

In the last week, YPF was able to emerge “unscathed” from two million-dollar lawsuits. First, in the trial for errors in the oil company’s expropriation, the New York court established a nationwide state liability, but released YPF from paying the plaintiff investment fund.

- Advertisement -

In the other -which dates back to 2005-, YPF and the Spanish Repsol (previous owner of the oil company) reached an agreement with the Maxus liquidation trust, a company that YPF bought in the 1990s, which was affected by a US judgment of 14,000 million dollars. due to environmental contamination. The deal was for $575 million.

Investors celebrated this “relief”. The improvement in Wall Street’s ADR dragged down the rest of the Argentine companies listed there at the start of the week. On a second level, the shares of Transportadora de Gas del Sur and BBVA complete the podium with increases of 4.9% and 4.3% respectively.

In the local market, after closing positive three weeks in a row, the Merval index continues its upward trend and rises by 1.6%.

Meanwhile, the story is different in the bond market. Despite government announcements, dollar debt remains low. Stocks fall up to 5%, as in the case of Bonar 2035. Despite this pessimistic scenario, country risk improves slightly and stands at 2,457 points.

NS

Source: Clarin

- Advertisement -

Related Posts