Argentina ADRs advance after country seals $20 billion IMF deal, removes currency controls

Central Puerto SA

14/04/2025 14:50

** U.S.-listed shares of Argentine firms jump after the South American country sealed a $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund last week

** Argentina's central bank also announced on Friday that it will ease its foreign exchange market controls, allowing the peso to freely fluctuate within a moving band of between 1,000 and 1,400 pesos per dollar.

** "The new floating exchange rate regime announced by the BCRA exceeded our expectations and, in our assessment, can positively contribute to the medium-term sustainability of the macroeconomic adjustment program being implemented in Argentina," Goldman Sachs analysts say in a note

     ** State-run oil company YPF YPF.N gains 15.7% after HSBC upgrades to "hold" from "reduce";   Central Puerto CEPU.N rises 11.4%

** Financials such as Grupo Supervielle SUPV.N, Banco Macro BMA.N, Banco Bbva Argentina BBAR.N and Grupo Financiero Galicia GGAL.O up between 11% and 15%

** The Global X MSCI Argentina ETF ARGT.N advances 7.3%, touching its highest in over two-weks

(Reporting by Shashwat Chauhan in Bengaluru)

((Shashwat.Chauhan@thomsonreuters.com))