The blue dollar remained calm with the approval of the IMF, the stocks improved but the bonds suffered

In a short week, due to the Memorial Day holiday, Argentine financial instruments remained expectant. Confirmation of the agreement by the directors of the IMF and the arrival of foreign exchangewhich finally entered late on Friday, kept the blue dollar calm.

The Actions they anticipated the news and celebrated with raises. The bondson the other hand, barely rebounded and closed the week with losses, which shows the distrust of investors regarding the fulfillment of the goals of the agreement with the IMF.

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dollar week

During the week, the expectation of the imminent approval of the agreement by the IMF board kept calm in the blue dollar. the parallel ticket closed Friday at $202fifty cents below the value registered 7 days before.

The financial exchange ratesimplicit in the price of the bonds, they regained ground and they approached the parallel. The counted with liquiddación rose 2.6% and reached $200.49 on Friday.

The Mep dollar (calculated with the AL30 bond) advanced 2% and closed at $200.35. Meanwhile, taking the Global 30 bond as a reference, the stock exchange rate ended Friday at $200.31 and gained 2.6% in the last week

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On the side of official dollar, the wholesaler added 68 cents and has already adjusted 2.73% so far in March. In the absence of four wheels to finish the month, the slip already exceeds that registered in February. At Banco Nación, the retail note added 75 cents and closed the week at $115.50, which led to the exchange rate solidarity at $190.58.

The bonds were not enough with the agreement with the IMF

Although they had a good wheel fridayto the rhythm of the news from the IMF, and rose between 15 and 20 cents along the entire curve, the weekly result for bonds in dollars was negative.

“The accumulated drop is 2% on average, with Global 2029 in the lead (-3% in the week),” said Grupo SBS.

That performance led to a 12-unit increase in country risk during the week. On Friday, the indicator that measures JP Morgan closed at 1798 points. Despite the rise, the last recorded value was below the peaks of the week, which exceeded 1,830 units.

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For their part, and despite the fact that the agreement with the IMF does not imply an abrupt devaluation, the bonds linked to the official dollar are still in demand. “During the week, the short section rose 0.7% and the long section rose 1.6%,” said SBS.

Finally, the titles in pesos that adjusted for inflation closed the week with an increase average of 1% for the closest maturities and 1.5% for the longest maturities. Among the latter, SBS highlighted the TX28 bond, which gained 1.9% in the week.

Stocks jumped in Buenos Aires and New York

Despite the volatility shown by the world markets due to the armed conflict, the argentine stocks stood out this week and the leading indicator of the porteño market, the S&P Merval ganó 4,4% in pesos or 1.7% measured in dollars at the implicit exchange rate.

The biggest weekly gains in the main panel of Buenos Aires were for Transportadora de Gas del Sur, which jumped 15%; Cablevisión, which climbed 13.7%; YPF, which gained 11.5%; Telecom, which rose 11.1%; and Cresud, which soared 10.8%.

On Wall Street there was also a majority of positive numbers among shares of Argentine origin (ADR). As in the local market, the winner of the week was Transportadora de Gas del Sur, which shot up 14.4%. It was followed by Tenaris (10.6%), Ternium (9.9%), YPF (9.4%) and Cresud (9.3%).