Although, dominated by a new global pessimism, the Buenos Aires stock market begins the month with a slight drop, the gas tariff adjustment boosts the sector’s papers and, in New York, The ADR of Transportadora de Gas del Sur rises almost 14%.
The bullish momentum is also seen in the banking papers listed on Wall Street: the ADR of BBVA advances 7.4%, while those of Macro y Supervielle They add up to 6% and 5% respectively. New York’s main indices recover after a start to the week in the red.
“While expectations of lower rates continue to be reduced, Wall Street seeks to intersperse a respite after the greater caution of the last rounds, in response to which ADRs accompany the best climate in the north while at the local level they must catch up after the multiple holidays,” explained economist Gustavo Ber.
In a local square, where the reds are the majority, the performance of the energy papers stands out. Thus, in addition to the increase in Transportadora de Gas del Sur, the increases in Central Puerto and Edesur, Although it has nothing to do directly with gas, they benefit from the announced rate adjustments. In the general panel, Gas Natural Ban climbs 4.5%.
In PPI they stated: “The new rate tables for gas transportation and distribution companies were published. As happened for the electricity sector, the rates will be updated monthly starting in May following an automatic formula. In this case, the updates contemplate the wage index, wholesale prices and the construction cost index. This increase, expected by companieswill allow rebuild profitability of a sector that has been strongly affected in recent years.”
On the bond side, after the rally seen in March, Argentine debt moves in a mixed direction this month. The country risk worsens by 0.8% and returns to 1,451 points.
“For the Global rally to be maintained, the accumulation of reserves has to be sustainable. In turn, it should give signs of normalization of the exchange market and continue with the normalization of maturities in the short term,” they warned in PPI .