Argentine energy stocks surge by 14% on Wall Street following tariff adjustment

Gas Market Bullish Momentum Boosts South American Investors

Despite global pessimism, the Buenos Aires stock market started the month with a slight drop. However, the sector’s papers received a boost from the gas tariff adjustment, with The ADR of Transportadora de Gas del Sur rising almost 14% in New York. This bullish momentum was also observed in banking papers listed on Wall Street, with the ADR of BBVA advancing 7.4% and those of Macro and Supervielle adding 6% and 5% respectively.

In the local market, where reds dominate, the performance of energy papers stood out. Central Puerto and Edesur, although not directly related to gas, benefitted from the announced rate adjustments. Gas Natural Ban saw a 4.5% increase. According to economist Gustavo Ber, while expectations of lower rates are being reduced, Wall Street is seeking respite after greater caution in recent rounds. ADRs are accompanying a better climate in the north, while locally they need to catch up after multiple holidays.

On the bond side, after a rally in March, Argentine debt moved in a mixed direction this month. The country risk increased by 0.8%, returning to 1,451 points. To maintain the global rally, PPI warned that the accumulation of reserves must be sustainable and signs of exchange market normalization and continued maturity normalization in the short term are necessary. Meanwhile, new rate tables for gas transportation and distribution companies have been published

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