Sunday, November 27, 2022

Best day of the month for S&P Merval, but country risks register second consecutive rise

On Wall Street, Argentine papers closed mixed, although there was an increase. Up 4.6% led by YPFIt is followed by Pampa Energia (+4.3%), Tenaris (+3.5%) and Central Puerto (+3.4%). The decline was that of Banco Superville (-6.3%), and Adenore (-1.3%).

The sharp fall in Banco Superville was due to a worse-than-expected balance sheet. “Net profit has been negative for several quarters. This time the loss was two billion, representing 4.5 times the previous quarter and 3.8 times the second quarter of 2021 (measuring variables in the paisa constant),” Delphos Investment reported .

Total volume in equities on the day was $8,988 million, of which $2,706 million was traded in Argentinian stocks and $5,801 in seeders.

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On the other hand, the head of the Treasury, Sergio Massa, will travel to the United States in the first days of September to hold various meetings, the Argentine ambassador to Washington, Jorge Argüello, confirmed.

“In the first days of September we are going to receive the visit of the new economy minister, Sergio Massa, who is going to have meetings not only with the IMF, but also with officials from the Treasury, the White House, multinational banks”Argüello said in a speech at the Council of America in Buenos Aires.

Bond and Country Risk

In the fixed income section, Sovereign bonds mostly closed lower. Thus, the decline was led by Global 2029 (-4.6%), and Bonner 2041 (-1.6%). Growth was in line with Bonner 2041 (+6%) and Global 2035 (+2.7%). The country risk framed by JPMorgan Bank rose 0.8% units to 2,441 basis points.

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for its part, Dollar-linked sovereign bonds fell 0.5% on average, only up 1% Q2V3. Meanwhile, CER-adjusted debt, short ledgers and bonuses rose 0.3%, while long bonuses and 2005 swap bonds fell an average of 0.4%.

eventually, “Demand for Dual 2023 Bonds continues, up 1.5% today, closes at daily high, refocuses on volume at TDJ23 (due June 2023)”SBS Group reported.

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