The main index of Argentina is heading towards its worst streak in 3 months, dragged down by a sharp decline in YPF.
Declines are led by YPF (-5.2%), Pampa Energía (-3.1%), and Central Puerto (-2.5%).
The MERVAL records its fourth consecutive decline, a trend it has been experiencing since mid-February. Shares of the oil company YPF were down 5% following the release of its first-quarter 2024 earnings report.
The Buenos Aires stock market falls for the fourth consecutive day this Friday, May 10, a trend that has been ongoing since mid-February, amid investor caution awaiting the Senate’s treatment of the Bases law.
Amid investor caution, the leading stock index S&P Merval lost 1.1%, after declining by 4.1% in the previous three trading days and hitting a record level in pesos of 1,505,718.34 points on Tuesday.
Shares of the oil company YPF were down 5% following the release of its first-quarter 2024 earnings report, which showed a net profit of $657 million and revenues of $4.310 billion.
On the New York Stock Exchange, meanwhile, Argentine company ADRs are trading mixed. Declines are led by YPF (-5.2%), Pampa Energía (-3.1%), and Central Puerto (-2.5%). Conversely, advances are led by Telecom (+2%), Loma Negra (+2%), and IRSA (+1.7%).
In the medium term, if lower inflation is achieved, and economic policy allows for greater private sector activity, the necessary conditions for sustainable economic growth would be met, supported by increased bank financing. Sovereign debt denominated in dollars fell by up to 2.2%, with country risk measured by JP Morgan rising by seven basis points to 1,270.
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