In the midst of a whirlwind, there were stocks that earned more than the dollar’s jump in July

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In the midst of a whirlwind, there were stocks that earned more than the dollar's jump in July

Despite the bull run, the dollar was not the best investment last month

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Watch out for economic news, Argentine bonds extend their rise this Monday, with leaps of nearly 10%, as in the case of Bonar 2041. So, country risk as measured by the JP Morgan bank remains in the 2,394 area, far from the record of 3,000 it had set last week.

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Marked by spare parts to the Ministry of EconomyJuly was like a roller coaster for Argentine assets. Political uncertainty fueled the peso run that began at the end of the previous month and the parallel dollar closed with strong gains. However, in the last few days of the month the informal exchange rate fell from the highs.

A) Yes, the blue dollar ended July with a $ 57 raise, which presents an advance of 24.3%. Among the financial dollars, the MEP and the CCL with GD30 closed the seventh month of the year with leaps of $ 28.5 (11.5%) and $ 35.5 (14.1%)respectively.

Both bonds and stocks rebounded strongly last week with the first rumors and then the confirmation of Sergio Massa’s arrival at the Palacio de Hacienda as “Super Minister”. They were also buoyed by renewed optimism in the global market following the Federal Reserve’s latest rate hike.

The improvement of global markets, changes of government and the arrival of Massa at the Ministry of Economy have generated expectations in the market, which responded with a sharp rise in sovereign bonds and a narrowing of the exchange rate gap, “they stressed to Cohen.

In July, Wall Street prices recovered and the New York Stock Exchange closed its best month since 2020 on Friday.Shares in the Nasdaq Tech Index rose more than 12%, while the expanded S&P 500 Index advanced 9%, posting the largest percentage gains monthly for the past two years.

This improved international mood served for the rebound in Argentine assets that was seen last week. Dollar debt, for example, ended the month with gains of up to nearly 3%, that do not serve to erase the more than 30% reds that foreign currency bond prices have been building up since the beginning of the year.

On the stock exchange, the companies listed on the Merval recorded extraordinary monthly profits. “July was an incredible month, in the literal sense of the word, for the main Argentine stock market index “, PPI analysts pointed out.

“The dollar-measured Merval started at 348 points after a fateful June and even hit its lowest point of the year and for much of 2021, hitting 337 points,” they recalled. This collapse occurred in tandem with the sharp rise in financial exchange rates. ” However, the last six wheels were splendid and saved the seventh month of the year “they added in PPI.

There have been stocks that, from the beginning to the end of last month, have gained over 70%, such as the BYMA, Aluar and Edenor cards. which rise more fiercely, accumulating increases of 71.84%, 70.50% and 62.85% respectively.


Source: Clarin

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