Argentine stocks and bonds close one of their best months in recent times

The main index of Argentina is on track to accumulate an improvement of nearly 19% in March, measured both in dollars and in pesos.

Argentine stocks and bonds are on track to crown one of their best months in recent times, registering gains of up to 35% in March. This surge is driven by expectations of a swift “V-shaped” economic recovery after the country recorded “twin surpluses” in the first two months of the year.

Despite some downward movement on Wednesday, March 27, in local assets due to profit-taking ahead of an extended holiday weekend (of six days) for the upcoming Easter and Malvinas Veterans and Fallen Day holidays, which will halt trading activity, the Argentine market is still poised to achieve significant monthly gains. The Buenos Aires Stock Exchange (BCBA) will remain inactive on Thursday, Friday, Monday, and Tuesday.

On Wednesday, the leading index of the stock market, the S&P Merval, is down 0.6% at 1,205,136 points but is on track to accumulate a monthly improvement of nearly 19% measured in pesos and 17% calculated in dollars (CCL).

In the last trading session of the month, declines in leading panel stocks are led by Loma Negra (-4.4%), Aluar (-2.7%), and Ternium (-2.5%). Conversely, the biggest gainers are Transportadora de Gas del Norte (+1.6%) and Supervielle (+0.7%).

The S&P Merval (measured in dollars) remains above $1,100 supported by positions in assets with good liquidity, also, recent positive economic data and the influx of fresh funds are encouraging the stock market.

Regarding monthly performance, the top performers include BYMA stocks (+39%), BBVA bank (+35%), and Supervielle (+32.8%).

Meanwhile, Argentine company assets in the New York Stock Exchange are mostly up on Wednesday. Gains are led by Globant (+1.8%), Supervielle (+1.7%), and Ternium (+1.7%).

Throughout March, Despegar stocks have recorded an improvement of 35.8%, ranking as the top performer. They are followed by Supervielle stocks (+32%) and BBVA bank stocks (+31.4%).