The ADRs of Argentine companies had an excellent start to the stock market, rising more than 11% on Wall Street after the national government confirmed that it had reached an understanding with the International Monetary Fund (IMF).
After the intense first few minutes, there was a slight retracement from the highs which in no way erased the green colors from the quotes.
At midday, among the biggest increases were those of the banks led by BBVA Banco Francés (BBAR +6.8%) and Banco Macro (BMA +6.4%) and public service companies such as Central Puerto (CEPU +6.3%) and Edenor (EDN +3.9%). Likewise, companies linked to oil also stand out with increases in YPF (YPF +6.1%) and Vista Oil & Gas (VIST +4.8%).
For their part, sovereign bonds in dollars operated with increases of up to 7% after the government’s announcement. Bonds with local legislation (LAs) operate with higher increases than their peers with foreign legislation (GDs). By last, the MEP dollar is down 3%.
*By José Ignacio Bano, Research Manager at IOL investonline.
by Jose Ignacio Bano*
