Argentine assets had a mixed day, upset by the bad business climate that affected the main reference markets
By Marcos Phillip
25/04/2023 – 18,01hs
The S&P Merval index advanced 1.25%, setting a new nominal record in pesos, standing at 303,175.22 points and extending the increases for the fourth consecutive round. Meanwhile, in hard currency it is trading at 650 units. In the external market, the ADRs of Argentine companies that operate abroad closed with reds of up to 4.5%, led by Tenaris, in a round in which the main US shares ended with a negative trend.
In the fixed income segment, the sovereign bonds in dollars under foreign legislation registered increases of up to 1.77%, led by the Global 30, while CER-adjusted peso titles culminated in declines of up to 1.50%, led by the TX28.
In the weight market, the Ministry of Economy will seek to raise VNO $530.200 million tomorrow through the tender of a Lelite to May, two Lecers (X18L3 and X18S3), the Lede S31L3, the dollar linked T2V3 bond, the dollar linked letter D31O3, the Boncer T2X3 and a new dual bond to April 2024 .
Maturities amount to around $965,000 million, mainly concentrated in the S28A3 and el TV23and analysts estimate that they are entirely in private hands after the debt swaps in pesos, “so it will be a challenging tender for the Treasury.”
What happens in the markets of the world
US stocks closed lower, with investors trading cautiously awaiting earnings reports and expectations from big tech companies.
In this sense, Alphabet y Microsoft are scheduled to report after the closing bell today. So far in 2023, Alphabet shares are up 20%, while Microsoft has gained more than 17%.
The shares of Argentine companies on Wall Street and sovereign bonds in dollars mark falls of more than 5%
The positive earnings surprises were largely in line with expectations from Wall Streetwith around 60% of companies beating sales and 70% beating profit estimates.
On the economic front, home prices rose in February for the first time since June, ending seven straight months of price drops, as buyers returned to the market. While consumer confidence fell again in April as concerns about the slowdown in the economy and a possible recession weighed on US households.
Wall Street
The main Wall Street indices traded with negative results. Thus, the S&P 500 fell 1.58%; the industrial Dow Jones yielded 1.02; and the technological Nasdaq fell 1.98%.
Merval
The Merval registered a rise of 1.25%. Thus, the gains of the leading shares were registered by Ternium (5.06%); Aluar (5.03%); and BYMA (1.87%).
ADRs
On Wall Street, the papers of Argentine firms closed with the majority of results in the red. Thus, the falls corresponded to Tenaris (-4.5%); Irsa (-4.2%); and Mercadolibre (-3.4%).
bonds
Sovereign bonds in dollars under foreign legislation registered increases of up to 1.77%, led by the Global 30, while titles in pesos with CER adjustment ended with falls of up to 1.50%, led by the TX28.
Risk country
The country risk is located around 2,634 basis points.
