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Party bag: S & P Merval had the best month of October 2015



BYMA's leading panel flying 21% in hard currency and 20.1% in pesos during January, with shares stacking nearly 33% in foreign currency.

It was the case with the documents of Galicia; followed by those of Banco Macro (+ 31%); and those of Transener (+ 27.6%).

Among the factors that spurred the stock market in January, one could mention the strong recovery in international markets, a product of expectation of a reversal of interest rate rises in the US.

The Fed remained unchanged on Wednesday and withdrew its commitment to a "new gradual increase." The president of the institution, Jerome PowellHe said the argument for raising the rate "has been weakened" in recent weeks.

"This provided an important reflux on capital for emerging markets, including Brazil's big power to take over Jair Bolserano in the presidency, which allowed spill-over to Argentina, analyzes the director of MB Inversiones, Diego Martinez Bourzaco.

In this context of significant reflections, Argentina was one of the markets that rose most in the world during January, but since it was also the worst hit in 2018.

"There were fairly unfair prices in terms of the foundations of companies, and especially the risk of returning bonds"added Burzacko.

At the local level, it also helped the Central Bank keep the exchange rate after the bay, in order to reduce the reference interest rate as soon as possible, which ended January at 54% per annum.

On the same market, analysts are cautious with the January increase and suggest that they be taken "with caution," because it still remains in the memory of the fantastic January 2018 and how quickly they have changed their expectations in the opposite direction, with a severe devaluation of the sand .

Last wheel of the month

As for this Thursday, the stock index increased for the fourth consecutive session, the progress of 0.8%, to the record closing of 36,326,292 points, after marking the maximum intraday historical level 36,491.61 units.

The best routes of the day were for the cable part (2.4%), Komercijalna del Plata (+ 2.4%); and Galicia (+ 2.1%).

Once again, good results in the reference markets continued to affect domestic services.

US stocks have seen significant increases, as strong Facebook results have boosted market optimism following moderate comments from the Federal Reserve at the previous session, while investors were waiting for the outcome of negotiations between the United States and China.

The S & P500 gained 0.9%, and Nasdaq Composite increased 1.4%; On the other hand, the Industrial Average Dow Jones lost 0.02%.

Fixed income and country risk

In the fixed income segment, on the other hand, the dollar bonds increased significantly, following the Federal Reserve's decision to maintain rates and admit that it would be patient for future increases.

The 100-year relationship and Argentina's 2027 climbed by 2.8%; and discount, 2.1%.

Finally, the country's Argentine risk, measured by JP Morgan, through this Thursday 18 base points to 670 units.


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