Argentina ADRs rally after far-right libertarian Milei sweeps to victory

Central Puerto SA

20/11/2023 12:40

(Updates)
    ** U.S.-listed shares of Argentinian companies rise
premarket after right-wing Javier Milei wins Argentina's
presidential election, putting an outsider in charge to fix
South America's No. 2 economy that is battered by triple-digit
inflation, a looming recession and rising poverty
    ** Financials jump: Grupo Supervielle  SUPV.N , Banco Macro
 BMA.N , Banco Bbva Argentina  BBAR.N  and Grupo Financiero
Galicia  GGAL.O  up between 8.6% and 11.2%
    ** Oil company YPF  YPF.N  rallies 18.4%, while Pampa
Energia  PAM.N  adds 11.4%
    ** Central Puerto  CEPU.N  and Cresud SACIF y A  CRESY.O 
gain 16.4% and 10.2%, respectively 
        ** Loma Negra Compania Industrial Argentina  LOMA.N 
jumps 10.1% 
        ** The $50.8 mln Global X MSCI Argentina ETF  ARGT.N  up
12.2% in low volumes, in trading before the bell
    ** "The results were a surprise to the upside, as the
expectation was for a much closer outcome, where a victory for
either candidate could not be ruled out," says Bruno Gennari,
Argentina expert at KNG Securities
    ** Gennari says the victory will be positive for bonds and
will generate pressure on the official and parallel FXs
    ** Argentinian stocks  .MERV  are up ~220% so far this year,
supported by cheap valuations in anticipation of the political
regime change and fears of multi-year inflation

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;  Follow on X:
@BansariKamdar;))