ADRs fell to 5.1% after the Fed rate hike; country risk touched 2400 points

In that context the ADRs yielded up to 5.1%, while the bonds registered the majority of falls (up to -1.8%) and the country risk rose for the sixth consecutive session and exceeded 2,400 points.

Argentine shares on Wall Street fell thanks to Central Puerto (-5.1%), followed by YPF (-4.7%) and Cresud (-3.7%). Meanwhile, the increases were recorded by the shares of Corporación América (+2.4%); Globant (+1.3%) and Ternium (+0.4%).

At the local level, the growing inflation hitting the economy, which is expected to exceed 100% this year, and exchange rate pressures, maintain a cloak of doubts about the future of the economy.

The S&P Merval it lost 0.67% to 146,941.15 points, after falling 1.55% the day before and after posting an intraday all-time high of 150,971.41 points on Monday.

Among the shares that fell the most were those of Transportadora de Gas del Norte (-3.2%); Central Puerto (-3.1%) and YPF (-2.8%). The rises were led by Ternium papers (+2.3%); Byma (+0.7%) and Aluar (+0.6%).

The Merval”moves away from the level of 500 points (measured in dollars), standing 30 points from its maximum level in the year, but still 77 (points) from its value at the end of 2021, sustaining an accumulated gain (in dollars) in so far this year of 18.93%“said Portfolio Personal Investments.

“Let’s remember that just 42 wheels behind, the S&P Merval touched its 2022 low of 334 points. The comeback of the main Argentine stocks has been remarkable,” he added.

Bonds and country risk

In the fixed income segment, sovereign bonds in dollars operated with the majority of declines that reached 2%. They were led by Bonar 2038 (-2%), followed by Bonar 2035 (-1.8%) and Bonar 2029 (-1.1%).

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While among the few increases, Bonar 2031 and Global 2046 (+0.8% respectively) and Global 2035 (+0.2%) stood out.

For their part, with good volume at both ends of the curve, sovereign dollar-linked bonds showed sustained demand and rose 0.5% on average, with TV24 standing out, which gained 1%, according to the SBS Group.

Meanwhile, CER-adjusted debt was in demand and rose 0.6% on average along the curve, with the long tranche of bonceres standing out, which gained 1.2%.

In this context, the country risk measured by JPMorgan it rose 0.2% to 2,398 basis points, its sixth rise in seven straight days. During the day, he got to exceed 2,400 points.

The Article Is In Spanish🡽

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