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The MERVAL, Argentina’s main index, rises by 3.2%, breaking a week-long streak of declines.

Gabriel Micillo•Thursday, February 29, 2024•1 min read

The S&P Merval rebounds strongly this Thursday, February 29, breaking a streak of three consecutive declines.

The S&P Merval rebounds strongly this Thursday, February 29, breaking a streak of three consecutive declines. This comes amid a day where attention will be focused on the anticipation of the legislative session opening to be carried out by President Javier Milei.

In this context, the stock index advances by 3.3%, reaching 1,032,080.45 units. Thus, it surpasses the symbolic level of one million units that it had breached in the previous session.

In the local market, stocks are trading with widespread gains. The biggest gainers include Grupo Supervielle (+7.8%); Banco Macro (+7.15%); Loma Negra (+6%); and Aluar (+5.1%). On the other hand, Argentine stocks trading on Wall Street are also rising. The largest gains are seen in Banco Macro (+9.3%), driven by the release of a very positive financial report. Following the top performers are Grupo Supervielle (+6%); BBVA (+4.2%); Loma Negra (+3%); and Grupo Financiero Galicia (+2.9%).

The S&P Merval rebounds: in what context?

Last Wednesday, the political dispute between Javier Milei’s government and provincial governors over the distribution of funds created a wait-and-see atmosphere among investors, who are awaiting a clearer picture to define investment positions.

However, this Thursday, Javier Milei eased tensions with Chubut Governor Ignacio “Nacho” Torres and finally transferred funds for transportation, in response to a ruling from last week.

The Patagonian province of Chubut had threatened to cut off the supply of gas and oil in protest over the reduction of a monthly coparticipable disbursement and turned to the judiciary, while the influential province of Buenos Aires expressed disagreement with the policies implemented by the government, and La Rioja said it would not be able to meet payments on its bonds.

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ABOUT THE AUTHOR See More
Gabriel Micillo
Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.
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