Argentina’s main index, the S&P Merval is trading at nearly six-year highs; Bonds climbed 10% MTD

The leading index of BYMA (Bolsas y Mercados Argentinos) advances 0.4% to 1,235,172 units, while measured in CCL (Contado con Liquidación), it approached the 1,200 points mark.

On Tuesday, April 9th, the S&P Merval in dollars reached a new high since 2018, approaching the 1,200 points mark, while dollar-denominated bonds are mostly trading higher, amid positive market expectations for the future of the local economy.

The leading index of BYMA (Bolsas y Mercados Argentinos) advanced 0.4% to 1,235.172 units, while measured in CCL USD (Contado con Liquidación), it declined 0.2% to 1,186 points, after approaching the 1,200 points mark at the beginning of the session.

The acquisition of HSBC Argentina by Grupo Financiero Galicia boosted its shares, which climbed 2.2%. Banco Galicia and its controlling company GFG from Argentina acquired the business of HSBC’s local subsidiary for around $475 million, plus subordinated debt between $75 and $100 million, said the parties involved in statements submitted to the Buenos Aires Stock Exchange (BCBA).

In addition to Galicia, the top gainers of the day include Aluar (+2.3%) and Central Puerto (+1.4%). Meanwhile, the top decliners are led by Transportadora de Gas del Norte (-7.7%), Transportadora de Gas del Sur (-5.1%), and Transener (-3.6%).

Meanwhile, shares of Argentine companies listed on the New York Stock Exchange are trading mixed. Leading the gains are Galicia stocks (+3.7%), Central Puerto (+3.4%), and Despegar (+2.4%).

On the other hand, declines are seen in Corporación América (-2.1%), Loma Negra (-1.7%), and Transportadora de Gas del Sur (-1.7%).

In the fixed income market, dollar-denominated sovereign bonds are mostly trading higher on the Buenos Aires Stock Exchange, with gains of up to 10% so far in April. Thus, the country risk, measured by JP Morgan, rebounds by 0.7% to 1,214 units, after breaking through the 1,200 points mark on Monday, reaching levels not seen since September 2020.

ABOUT THE AUTHOR See More

Gabriel Micillo

Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.

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