After leaving behind the worst September of the last two decades on Wall Street, due to fears of heading towards a global recession, today the world’s stock markets rebounded for the second consecutive round and boosted Argentine stocks and bonds. Meanwhile, the blue dollar touched the lowest value in two weeks.
On Wall Street, Argentine shares listed there (ADR) traded in positive territory. Particularly noteworthy were Despegar papers (+10.5%), Mercado Libre (+7.5%) Globant (+4.1%), Ternium (+3%) and Tenaris (+2.9%).
“It was not only Brazil, but also oil. But we must not forget the drop in sovereign bond rates globally, nor the recovery of Western stock markets. Everything was accommodated for Argentine assets to celebrate yesterday, including hit hard dollar bonds. The ‘petro-Brazilian’ contagion was fully felt in the shares, almost as if they were papers from Rio de Janeiro”, they pointed out from Delphos Investment.
However, the S&P Merval traded stable at 144,926 units (-0.1%). The panel was led by Argentine Stock Exchanges and Markets (+2.6%), Transportadora de Gas del Sur (+1.5%) and Loma Negra (+1.4%). On the other hand, Ternium (-2.8%), Sociedad Comercial del Plata (-1.3%) and Cablevisión Holding (-1.1%) fell.
The optimism was reflected in the bonds of the last debt swap, since abroad they rose to 1.3% (Bonar 2029). In response to the rise in sovereign bonds, the country risk yielded 19 units and stood at 2,683 basic points (-0.7%).
“The New York law sovereign bond curve, which has been punished, is becoming an opportunity for those investors who are beginning to play hard, betting on Argentina. However, we reiterate that it is a market for the brave. Whoever is encouraged and has patience, should know that there is a lot of room to capitalize on current prices. This, if Argentina does not suffer any economic accident. The potential for growth is enormous and the magnitude of the Argentine debt in terms of opportunities, if a coherent economic plan comes along, is very broad”, said Gonzalo Gaviña, financial advisor of Portfolio Personal de Inversiones (PPI).
Dolar blue ” class=”com-link” data-reactroot=””>Hoy el Dolar blue was sold in the caves of the city porteña a $282, that is, $2 less than the previous day (-0.6%). It was the lowest value since mid-September, when the issue that generated the soybean dollar and the arrival of new exchange restrictions impacted the price of the currency that is traded informally.
However, in other provinces of the country, the parallel dollar traded up to $7 higher. For example, in Tierra del Fuego and Santa Cruz, US bills were available at $289; while in the interior of Buenos Aires, Salta, Córdoba and Santa Fe, it was sold at $287.
Financial exchange rates recorded some increases. The MEP dollar or “Bolsa”, a way to dollarize savings through the purchase and sale of bonds in the capital market, quoted at $298,87, almost $1.50 more than yesterday (+0.5%).
Cash with liquidation (CCL) or “Cable”, which is used to transfer US bills to a bank account outside of Argentina, was offered to $308,20. It was a daily rise of more than one peso (+0.4%).
The wholesale dollar was traded at $148.59, that is, 36 cents more than during yesterday’s session (+0.2%). In this way, the gap with the blue dollar it was positioned around 90%; against the CCL, the highest quote, the price difference is above 107%.
“The soybean dollar decompresses short-term devaluation expectations. Foreign currency sales will once again focus on the demand for foreign exchange hedging in the coming weeks, although in the short term the recovery of net reserves and multilateral financing make the scenario of an exchange rate jump less likely,” they remarked from Facimex Valores.
At Banco Nación, the official retail dollar was sold at $155. The dollar “savings” or “solidarity”, which can be accessed up to US$200 per month through the homebanking and has 65% tax surcharge, it cost $255,75. The “tourist” dollarreference price when paying for goods and services abroad and has 75% taxes, reached $271,25.