Argentine Stock Market Rises Post Election Victory
- The result of the legislative elections at the national level boosted investor confidence, sending premarket trading into the green.
- On the New york Stock Exchange, investor optimism is already evident ahead of the formal market opening.
- Following the Government's electoral test,energy company stocks also experienced gains on Monday.
“`html
Argentine Stocks Surge After Legislative Election Results
The result of the legislative elections at the national level boosted investor confidence, sending premarket trading into the green. The panel of the main companies listed on Wall Street started the day with gains.
On the New york Stock Exchange, investor optimism is already evident ahead of the formal market opening. Shares of BBVA (BBAR) rose by 34.9%, while Supervielle Bank climbed 34%, Galicia Financial Group (GGAL) increased by 36.2%, and Banco Macro saw a rise of 35.6%.
Following the Government’s electoral test,energy company stocks also experienced gains on Monday. ADRs of Edenor are trading up 23.8%; Pampa Energy (+20.7%), YPF (+22.45%), and Central Puerto (+23.7%).
Irsa rose by 19.17% on the New York Stock Exchange, while Loma Negra increased by 18.7%. Mercado Libre (MELI), less affected by local fluctuations due to its regional operations (with its main business in brazil), rose 7.2%.
Transportadora de Gas del Sur, however, experienced a slight decline of 0.9%.
TIMOTHY A. CLARY – AFP
On September 8, after the ruling force’s defeat against Fuerza Patria by 14 points in the province of Buenos Aires, Argentine stocks in Wall Street fell in the premarket.