Even if, dominated by a new global pessimism, the Buenos Aires stock exchange begins the month with a slight decline, the adjustment of gas tariffs revives the sector’s cards and, in New York, Transportadora de Gas del Sur’s ADR rises almost 14%.
The bullish momentum is also seen in banking stocks listed on Wall Street: the ADRs of BBVA advances by 7.4%, while those of Macro and Supervision Their sum amounts to 6% and 5% respectively. The main New York indices recover after a red start to the week.
“As expectations for lower rates continue to decline, Wall Street seeks to intersperse a truce following the increased caution of recent rounds, in response to which ADRs accompany the better climate of the north while at the local level they have to catch up after the numerous holidays”, explained the economist Gustavo Ber.
In a local square, where the reds are in the majority, the performance of the energy newspapers stands out. Therefore, in addition to the increase in Transportadora de Gas del Sur, there are also increases in Central Puerto and Edesur, Although it has nothing to do directly with gas, they benefit from the announced tariff adjustments. In the general panel, Natural gas ban rises 4.5%.
In PPI we read: “The new tariff tables for gas transport and distribution companies have been published. As happened for the electricity sector, the tariffs will be updated monthly starting from May according to an automatic formula. In this case the updates include the wage index, wholesale prices and the construction cost index. This increase is expected by companieswill allow rebuild profitability of a sector that has been greatly affected in recent years.”
On the bond front, after the rally observed in March, Argentine debt is moving in a mixed direction this month. The country risk worsens by 0.8% and returns to 1,451 points.
“For the global rally to sustain itself, reserve accumulation must be sustainable. In turn, it should give signs of normalization of the foreign exchange market and continue with the normalization of short-term maturities,” they warned in the PPI.
Source: Clarin
