Although the rise in debt bonds that caused a collapse in country risk seemed the most important news of the day because it was accompanied by possible changes in the cabinet where Sergio Massa would go on to control the entire economy, the most impressive thing was how the Bank Central accelerated the rate of devaluation in the last rounds to a level of 80.11% per year. Yesterday, the wholesale dollar rose 21 cents to $130.91.
In the government they are still thinking of tempting with these yields the exporters who did not go through the wholesale market yesterday. In the agricultural sector, the “soybean dollar” is not a business and, much less, is accepting the solidarity dollar because it has serious impediments to earning the difference by selling them in the MEP dollar market.. The producer who makes this maneuver will not have access to the wholesale dollar to import the inputs he needs to plant.
The first day of validity of the measure that governs until August 31 and was presented as a great concession to agriculture, was one of indifference. The only one selling dollars was the Central Bank, which had to dispose of USD 130 million to pay for energy imports. Reserves fell by USD 111 million and remained at 39,352 million. In two days USD 407 million fell.
Between rumors and the lower-than-expected rate hike in the United States, Investors swarmed from the start of the session on debt bonds and stocks.
The titles with foreign law, had rises of up to 7.15% as was the case of the Global 2035. The increases, which started from a floor of 3% of the most influential bonds in the preparation of the country risk, made it go back no less than 219 units (-7.55) at 2,684 basis points.
The placement of Treasury bonds was also a success, where effective annual rates of 92% were paid for a Discount Letter that expires next October and raised $120,928. Between the two CER bonds that expire in January and May 2023 -a good part is in the hands of Anses- they raised $327,212 million. The truth is that the Ministry of Finance collected $515.861 million for the Treasury, which made it possible to cover the July maturities and left a net financing of $318.200 million that will be used to pay the debt due in August.
In the foreign exchange market, business in the dollar grew with liquidation, USD 123.6 million were traded because the companies have already adjusted their holdings of Cedears and others directly ignored the directive. In this way, the cash with liquid, as they call it in the jargon of traders, rose $11.26 (+3.4%) to $339.40, while the MEP dollar lost $1.11 (-0.3%) and closed at $323.77. A detail, the cash with liquid against bonds quoted $7 above the one that was operated against shares.
Blue resumed its uptrend and rose $3 to $326.
The Stock Exchange had an excellent wheel. The amounts negotiated were record. In shares, $3,074 million were traded. The S&P Merval, the leading stock index, advanced 5.26% in pesos and 1.8% in dollars.
The best performing roles were those of center port (+10.22%), BYMA (+8.02%) and Northern Gas Carrier (+7.29%).
The Cedear or ADR’s – certificates of holding of shares or bonds listed abroad – operated a record of $12,429 million. The best happened by center port (+9.2%), Free market (+8.8%) and Take off (+7.2%).
Today will be a day of rearrangements after the gains made. Volatility seems to have subsided, but investors are still hedging because they are worried about who will run the economy in the near future.