Sunday, April 2, 2023

Enthusiasm in the markets and relief to the government and the economy

After several weeks of severe punishment on Argentine bonds and shares, both in the local market and On Wall Street, prices rose this Thursday, up nearly 30 percent for private paper and up to 5 percent for public securities., Market-raising data pertains to possible arrival of Chamber of Deputies president serge massa To the executive, to coordinate the economic team, which would show greater cohesion between the three legs of the ruling coalition.

In the last hours, some positive results were also known from the meeting organized by the Minister of Economy, sylvina batakiso, which made it possible to unfreeze trampled credit from the World Bank and the Inter-American Development Bank, which was soon crowned with a change in the economic team. income with good relationship with the markets, and guarantees that Agreement with IMF will be followed and with the support of the President Alberto Hernandez and Vice President Christina Kirchner, who gives more power to any declaration on economic matters.

The incentives for grain exporters to eliminate accumulated foreign exchange and thus balance the trade balance and add reserves also received a good welcome.

The first signs came from New York, which opened its operations before Argentina, where the stock certificates of Argentine companies (known as ADRs) showed a very significant increase and an almost generalized trend. Most notably, Adenor has grown by 27.8 percent as of this afternoon; It was followed by Loma Negra, with 4.57 percent; Transportadora Gas del Sur, 5.38 percent, Bioceres, 3.46 percent; Banco Macro, 2.96 percent; Galicia, 2.71 percent; Banco Superville, 2.53 percent; Pampa Energia, 2.37 percent, and Telecom Argentina, 1.67 percent, are leading.

In the Buenos Aires market, the trend was repeated, but with a more limited increase. In the panel of leading companies, Alur stood out with a growth of 6.64 per cent; It was followed by Adenor, with 5.7 percent; Central Port, 3.36 percent; Banco Macro, 1.94 percent; Cablevision, with 1.77 percent; Commercial del Plata, with 1.3 percent; Migor, 0.97 percent and TGS, 0.81 percent.

In bonds, the peso and the dollar also rose by a wide margin for species, AL29D 5.53 percent advance in dollar; This is followed by LA41, 5.11 percent; AL35D, 4.65 percent; LA35, 4.44 percent; LA30, 3.96 percent and LA29, 1.79 percent. In the case of bonds denominated in pesos, PR15 increased by 1.31 per cent and DICP (discount in peso) by 0.50 per cent.

As a result, country risk as measured by JPMorgan Investment Bank lost 2.15 percent and stood at 2,677 basis points.

Nation World News Desk
Nation World News Desk
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