Argentina ADRs soar after far-right Milei wins election, ETF hits over 2-month high

Central Puerto SA

20/11/2023 14:56

(Updates)
    ** U.S.-listed shares of Argentinian companies jump 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
    ** Oil company YPF  YPF.N  rallies 39.7%, while Pampa
Energia  PAM.N  jumps 23.7%
    ** Financials rise: Grupo Supervielle  SUPV.N , Banco Macro
 BMA.N , Banco Bbva Argentina  BBAR.N  and Grupo Financiero
Galicia  GGAL.O  up between 15.6% and 22.1%
    ** Central Puerto  CEPU.N  and Cresud SACIF y A  CRESY.O 
gain 22.7% each 
    ** Loma Negra Compania Industrial Argentina  LOMA.N  jumps
14.5% 
    ** The $50.8 mln Global X MSCI Argentina ETF  ARGT.N  adds
12.2% in early trading, hitting its highest level since
September
    ** "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
    ** 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;))