ADRs closed broadly higher, despite the fact that the main indices ended in negative territory in New York. The biggest gain was in stocks Transportadora de Gas del Sur (+4.7%), Corporation America (+3.7%), and Banco BBVA (+3.6%).
Gustavo Ber said, “Bonds in the dollar are inclined to extend weakness through an average reduction of 0.5%, risk in the country still near 2,400, as after parity of -25%, there is a demand for strategic bets.” “
Thus, sovereign debt in dollars in the United States closed with the most losses. The main reduction was for global 2035 (-1.2%) and global 2030 (-1%). They were saved from damage: Bonner 2035 (+0.4%), and Bonner 2030 (+0.1%). Country-risk, prepared by JPMorgan Bank, rose 1.3% to 2,427 basis points.
S&P Merval and Stocks: How September Started
Argentine assets closed mixed on Thursday, Sept. 1, in the context of lower trading and marked caution, amid fears of a global slowdown in emerging markets. However, this session saw a strong rally in CER bonds, while some Argentine companies on Wall Street did well.
After accumulating 11.2% growth in August and marking an all-time intraday record of 145,859.42 units on Monday, the S&P Merval balanced at 136,302.13 units. Amid the rise, in the leading panel, oil company YPF stood out with 2.2% and telcos with 3.5% in losses. It should be noted that the Argentine oil company was one of the stocks that rose the most last month (+46.9%) after presenting a good balance.
“Argentina Energy Company (YPF) caught all eyes of investors after showing its persistence during the year. After dazzling balance, he announced a 10% increase in his investment and improvement in the company, both with regard to Vaca Muerta as well as Lithium.An important factor for the government in the upcoming meetings with the IMF,” said Elaine Romero of Rava Bursatil.
At the same time, The ADRs of Argentine companies on the New York Stock Exchange closed uneventfully, with Adenore’s case rising by up to 7.3% and Ternium shares down by up to 4.1%. “The negative tone is spreading on Wall Street, given continuing fears about a more hawkish Fed and its correlation to rates, which continues to underperform domestic assets,” Gustavo Ber assures.
It should be noted that in the monthly balance, major stock indexes BYMA. of S&P Merval up 11.2% in August, For its part, the index, measured in dollars, rose 9.5%, roughly the same as the accumulated annual figure, which was 10.9%. In this way, Merval has grown by 60.8% so far this year.
Bonds and Country Risk, How They Closed on Thursday
With respect to the fixed income segment, on Thursday, September 1, CER bonds stood out, resulting in strong growth. Thus, inflation-linked bonds closed with broad gains. Most important: PR13 (+3.9%), TX26 (+3.4%), and TX28 (+3.3%).
for its part, Dollar bond compound closed. Among the increases, Bonner 2035 stood out with a growth of 1.8%, while Global 2046 stands out with a decrease of 3.6%. in that framework, country at riskJPMorgan Bank, which measures the index, climbed 0.5% to close at 2,396 points.
whereas, In August, bonds climbed as much as 7.2%, thanks to Global 2046. Global 2029 (+5.9%), and Global 2035 (+2.1%) also led the growth. For core drops, they were for Global 2038 (-4.7%), Bonner 2038 (-4.5%), and Bonner 2029 (-4.4%).
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