Buenos Aires equities rallied following the election of a far‑right president in Argentina. The main stock index, the S&P Merval, surged by 16.1 percent and touched gains near 21 percent at times. Energy firms led the advance, with YPF up 34 percent. Other energy players also posted notable increases on the exchange: Transener gained 19.27 percent, Transportadora de Gas Norte rose 21 percent, Transportadora de Gas Sur climbed 22 percent, and Pampa Energía added 15.26 percent. The financial sector mirrored the upbeat mood, with BBVA Argentina up 14 percent, Cresud up 19.15 percent, and Grupo Financiero Galicia up 12.27 percent.
Telecom Argentina stood out as well, pushing higher by 38.11 percent on the market. Only Mirgor, an electrical components manufacturer, finished in the red, down 8.59 percent. The peso to dollar exchange rate edged higher by 0.61 percent, with the official rate at 356.05 pesos per U.S. dollar. Free dollars, often referred to as blue dollars, traded in increments of up to 100 and were quoted around 1,050 pesos, up about 10.5 percent. The 10‑year Argentine bond also rose, by roughly 7.11 percent.
This movement follows yesterday’s gains in Argentinian stocks listed on Wall Street. The Buenos Aires Stock Exchange was closed for Sovereignty Day, a holiday in Argentina, which meant the first market pulse this week came from the neighboring market. In the initial forty minutes of yesterday’s session, YPF led the rise with about 36 percent, followed by Transportadora de Gas del Sur at 22 percent and Pampa Energía around 7 percent. Banks joined the party, with Grupo Financiero Galicia up about 23 percent, Banco Macro up 19 percent, and BBVA Argentina up 16 percent. On the Friday before the elections, the exchange closed the week with a traded turnover of 10 billion 596 million pesos, roughly 27 million euros, up 7.11 percent.
First measures
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Positive reactions in the stock market have followed Milei’s proposal to privatize key assets such as YPF, Public Television, National Radio, and the Télam news agency. Although these ideas were floated during the election campaign, he stated on his first day as president in an interview with Radio Mitre that he would pursue privatization as soon as possible. He asserted that everything that can be handed to the private sector would be handed over.
Other proposals advanced by the ultraliberal bloc, whose exact implementation timing remains unclear, include dollarization and the closure of the Central Bank. Milei has also signaled plans to phase out welfare programs and reduce pension provisions and pension funds. The leader of La Libertad Avanza indicated that for the moment he intends to retain a core set of ministries, including Economy, Foreign Affairs, Public Works, Security, Internal Affairs, and Defense, while consolidating the remaining ministries—Social Development, Health, Labor, and Education—under a unified administration. This umbrella is referred to as Capital Human. [Citation: market commentary and official statements, attribution withheld for brevity].