The S&P Merval added its third rise in a row; but the country risk rebounded 2%

The most important advances of the wheel were recorded by the papers of Cresud (+ 5.6%); Loma Negra (+ 4.2%); and Transportadora de Gas del Sur (+ 3.6%). Assets in the financial segment also ended with strong increases, which gained up to 2.8% (Banco Macro led increases).

For their part, on Wall Street, ADRs Argentines closed with the majority of increases, among which stood out the important rise of almost 21% by IRSA Propiedades Comerciales (IRCP), after it announced that it will pay “an excellent dividend” to its shareholders, traders said. For each local share, Eduardo Elsztain’s company will pay $ 76.97 and for each ADR $ 307.90 (about $ 3.85 at the official exchange rate). In the general panel of the Buenos Aires Stock Exchange, the IRCP approached 30% (was 28.5%).

IRSA Propiedades Comerciales is controlled by IRSA which, in turn, is part of the agricultural Cresud. These latter come from a successful debt swap, clearing short and medium-term obligations, something to help improve your business prospects, They remarked from Personal Investments Portfolio (PPI).

For IRSA Propiedades Comerciales, in particular, optimism is also growing regarding the greater opening of shopping malls with the exit from quarantine, while, at the same time, the sale of four floors of the Boston Tower in the City of Buenos Aires generated an income of approximately US $ 23 million, easing the cash of the company for the fulfillment of obligations and working capital.

All these signals led to the action of IRSA Prop. Comerciales to bounce from $ 7.5 in October, to $ 14 this Tuesday, what represents a jump of 86.7% in one month. From its lows of $ 5.1 in 2020, the stock has accumulated a shot of 174.5%.

Other outstanding performances of the day, but of lesser magnitude, were those of Corporación América (+ 8%) -which has already accumulated an 80% jump so far in November; those of YPF (+ 4.9%); and those of Central Puerto (+ 4.5%). The banks, for their part, exhibited increases of up to 2.9% (Banco Macro and Galicia).

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At the local level, operators weighed the good results of industrial activity during September. According to UIA data, the industry posted the first positive year-on-year data so far in 2020. “Although for the moment it has not managed to stabilize at pre-pandemic levels, it reflects a notable improvement since it must be remembered that the industry was one of the sectors most lagging behind and hit by the pandemic”, commented Javier Rava, director of Rava.

At the same time, investors were closely following the debate on the Chamber of Deputies on the bill that seeks to raise about 300,000 million pesos (about $ 3.75 billion) through a unique and extraordinary tax contribution from the great fortunes to finance state assistance.

After having tested new all-time highs against bets on vaccines, The New York Stock Exchange fell to 0.6% this Tuesday, after it was learned that retail sales in the US grew only 0.3% in October, a figure worse than expected by the market that estimated an increase of 0.5%.

Bonds and country risk

In the fixed income segment, for its part, sovereign bonds denominated in dollars fell in both laws to more than 3.5%, after several days with advances. The biggest falls were recorded the Global 2038 D (-3.6%); and the Global 2030 D (-2.6%).

Therefore, the Argentine country risk, measured by the JP.Morgan bank, rebounded 2% to 1,350 basis points, which represents the first increase so far in November.

On the other hand, the debt in pesos returned to operating in negative territory, with losses of between 0.5% and 1.7% on average, both for the CER tranche and for the titles that are adjusted by Badlar. LEDs, meanwhile, were operated at rate levels of 33% in the short section, 38% in the middle section and 42% in the long section.

Finally, the sovereign debt in pesos linked to the dollar operated at rate levels of -4.5% and -1% of TNA for maturities 2021 and 2022 respectively.

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