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The Parti Bag: S & P Merval had the best month since October 2015



The leading BIMA panel in January carried 21% in hard currency and 20.1% in the pesos, with shares increasing to almost 33% in foreign currency.

That was the case with the newspapers Galicia; Followed by Banco Macro (+ 31%); and Transener (+ 27.6%).

Among the factors that spurred the stock market in January, we can mention a strong recovery in international markets, a product of expectations of a shift in expectations of interest rate growth in the US.

The Fed left the rates unchanged on Wednesday and withdrew its commitment to "new gradual increases." The President of the institution, Jerome PovellHe said the arguments for increasing the rate of the last weeks were "weakened".

"This has allowed significant capital reflux for emerging markets, including Brazil's large force to take Jair Bolsoran into the Presidency, which has made it possible for Argentina to spill over" was analyzed by the director of MB Inversiones, Diego Martinez Burzaco.

In this context of important reflections, Argentina was one of the markets that grew most in the world in January, but because it was even hardest hit in 2018.

"There were fairly unfair prices in relation to company bases and, in particular, return risk from bonds", added Burzaco.

At the local level, it also helped the Central Bank to keep the exchange rate in order to reduce the reference interest rate faster, which ended in January below 54% per annum.

In the same market, analysts are cautious with the increase registered in January and suggest them to be "cautious", because it still remains remarkable in the fact that it was January 2018 and how quickly they changed expectations in the opposite direction, with a severe devaluation of the pesos .

The last day of the month

As for this Thursday, the stock index rose for the fourth consecutive session, up by 0.8%, to the end 36,326,292 points, after marking the maximum internal historical level 36,491.61 units.

The best routes for the day were for Cablevision (2.4%), Comercial del Plata (+ 2.4%); and Galicia (+ 2.1%).

Once again, the good results of the reference markets continued to affect the domestic service.

US stocks grew significantly, as strong Facebook results strengthened market optimism following moderate Federal Reserve comments at the previous session, as investors were waiting for the outcome of negotiations between the US and China.

S & P500 grew 0.9%, and Nasdak Composite 1.4%; On the other hand, Dov Jones Industrial Average lost 0.02%.

Fixed income and country risk

In the segment of fixed income, on the other hand, dollar bonds have risen sharply, following a decision by the Federal Reserve to keep rates and admit that it will be patient for future increases.

The 100-year bond and Argentina 2027 increased by 2.8%; and Discount, 2.1%.

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


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