Buenos Aires stock market is on a strong rise Following the election of far-right Javier Milei as president of Argentina. The country’s main stock index, S&P Merval, rose 16.10% and touched 21% at times. Energy companies once again lead the increases, led by YPF (+34%). Other companies in the sector grew over 10% on the Stock Exchange: Transener gained 19.27%, Transportadora de Gas Norte gained 21%, Transportadora de Gas Sur gained 22% and Pampa EnergÃa gained 15.26%. The financial sector is also increasing optimism. BBVA Argentina shares rose 14%, Cresud 19.15% and Grupo Financiero Galicia 12.27%.
Beyond companies belonging to the energy sector, Telecom Argentina shines today, especially with a 38.11% rise on the Stock Exchange. There was only one company falling on the day marked in green: electrical components manufacturer Mirgor, down 8.59%. The dollar-Argentine peso exchange rate also increased by 0.61%. Currently, one US dollar is exchanged for 356.05 Argentine pesos. Additionally, free dollars (blue dollars) respond in increments of up to $100 and sell for $1,050, up 10.5%. The 10-year Argentine bond increased by 7.11%.
This reflects yesterday’s rise in shares of Argentinian companies traded on Wall Street. The Buenos Aires Stock Exchange remained inactive yesterday due to a holiday (Sovereignty Day) in Argentina. In the absence of this indicator, The first pulse of the stock market can be heard in the neighboring country. In the first 40 minutes of yesterday’s session, YPF was the company that grew the most with 36%, followed by Transportadora Gas del Sur (22%) and Pampa EnergÃa (7%). Banks also joined in the celebration with a 23% increase at Grupo Financiero Galicia, a 19% increase at Banco Macro and a 16% increase at BBVA Argentina. It should be noted that on the Friday before the elections, the Buenos Aires Stock Exchange closed the session with a traded turnover of 10 billion 596 million pesos (about 27 million euros), up 7.11%.
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Positive reactions in the stock market They approved Milei’s idea to privatize YPF, Public Television, National Radio and Télam news agency. Although he had already put forward this idea during the election campaign, just yesterday, on his first day as president, he stated in an interview with Radio Mitre that he would implement the decision as soon as possible. “Everything that can be in the hands of the private sector will be in the hands of the private sector,” he assured yesterday.
Other measures put forward by the ultraliberals, whose implementation date has not yet been announced, are as follows: Dollarization and liquidation of the Central Bank. He also advocates “phasing out” welfare schemes and cutting pension and pension funds. The leader of La Libertad Avanza stated that for now he will only maintain the ministries of Economy, Foreign Affairs, Public Works, Security, Internal Affairs and Defense, and merge the rest (Social Development, Health, Labor and Education) under his own umbrella. Capital Human’s umbrella.
Source: Informacion
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