ARGENTINA: Merval Rises As Fed Minutes Indicate Gradual Increase In U.S. Rate

By | February 22, 2018

Merval, the primary index of the Buenos Aires Stock Exchange, increased 0.85%, closing at 33,108.16 points, in a volatile session, after the Federal Reserve conference minutes showed that the U.S. central bank will move gradually to higher rates of interest.

“The primary United States stock indices increased following the minutes of the Federal Reserve. The local market was not kept aside,” stated Eduardo Fern?ndez, an expert at Rava Burs?til.

Ternium Siderar shares increased 0.32% after the company reported a combined net revenue of result of 848.1 million pesos for the 4th quarter of 2017, 10.12% lower compared with the very same period of the previous year.

The Argentinean state-owned oil company YPF also ended higher (+1.22%) after starting the sale of its stake in Metrogas, committed to the circulation of natural gas.

The oil company Vista Oil & & Gas reported that it consented to acquire an oil operating platform of Pampa Energ?a (+2.51%) and Pluspetrol Resources Corporation in Vaca Muerta.

The shares of Distribuidora de Gas Cuyana (-2.36%), TGS (-2.34%), San Miguel (-1.38%), and Tenaris (-,86%) fell the most, while Cresud (+5.16%), Holcim (+4.15%), and Autopistas del Sol (+3.68%) posted the greatest gains.

The locally traded U.S. dollar rose 0.37%, to 19.92 Argentinean pesos, due to lower rates of interest from Lebacs, the country’s central bank bonds.

“The drop in the rate of interest set by the reserve bank to the Lebac left the greenback without a clear pattern, with unexpected ups and downs amidst a sharp drop in the trading volume,” stated Fernando Izzo, an expert at ABC Mercado de Cambios.

The material has actually been provided by InstaForex Company – www.instaforex.com

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