Despite the global economic downturn, the Buenos Aires stock market started the month on a slight decline. However, the recent gas tariff adjustment boosted sector stocks, with Transportadora de Gas del Sur ADR rising nearly 14% in New York. This positive momentum extended to Wall Street-listed banking stocks, with BBVA ADR advancing 7.4% and Macro and Supervielle up 6% and 5% respectively. The main New York indexes recovered after a volatile start to the week in the red.

According to economist Gustavo Baer, while expectations for lower rates are easing, Wall Street is looking for a breather after recent rounds of warnings. ADRs reflect this more positive sentiment in the US as the local market recovers after more holidays. In the local market, energy stocks had a notable performance, with Central Puerto, Edesur and Gas Natural Ban benefiting from gas rate adjustments.

PPI reported that new rate tables for gas transmission and distribution companies have been published, allowing for monthly updates from May based on an automatic formula. This rate hike, expected by companies, aims to rebuild profitability in a sector that has been heavily impacted in recent years. On the bond side, Argentina’s debt is moving in a mixed direction this month, with country risk worsening by 0.8% to return to 1,451 points.

In order for the global rally to take place, PPI warned that the accumulation of reserves must be sustainable, as well as the normalization of the foreign exchange market and maturities in the short term. This insight underscores the need for continued economic stability and growth in the sector.

By Samantha Johnson

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