Business

Markets: shares of Argentine companies listed on Wall Street show the majority of declines during the local holiday

Wall Street interrupted two days of solid gains.  EFE / Justin Lane
Wall Street interrupted two days of solid gains. EFE / Justin Lane

The holiday in Argentina stopped operations with stocks and bonds in the local market, but the businesses remain active on the New York Stock Exchange, where several Argentine companies are listed. In a day without major rises in foreign markets, Argentine papers stand out more than anything for the declines.

Ten of the 17 Argentine companies -American depositary receipts, or ADR’s, as foreign companies listed in New York are called- that have stocks listed on Wall Street fall in Wednesday’s wheel, with the role of Bioceres to the head. The action of the biotechnology company lost 2.53% around noon.

The reference markets take a pause after substantial gains at the start of the week. Indices such as the S&P 500, the industrial Dow Jones and the technological Nasdaq closed with gains both Monday and Tuesday. But in the third round of the week they do not show a clear direction.

The S&P 500 rose just 0.06%, the Dow Jones 0.08% and the Nasdaq fell 0.06% near noon in Argentina.

Investors jumped into buying risky assets so far this week amid prospects that the omicron variant may not pose as serious a health threat as previously feared. In addition, recent events in Washington indicated that US lawmakers were on their way to raising the debt limit before the December 15 deadline, something that if not materialized would leave the US Treasury without sufficient funds to pay the debt holders of that country.

New York stock futures initially rose on Wednesday after Pfizer and BioNTech said early lab studies show that a third dose of their COVID-19 vaccine neutralizes the omicron variant. However, the gains waned.

Ten of the 17 Argentine companies listed on Wall Street fall this Wednesday

Travel shares mostly held gains, with airlines such as American Airlines Group, Delta Air Lines and United Airlines Holdings on the rise. However, tech stocks and growth-sensitive stocks led the market lower.

Treasury yields advanced the entire curve, with the 10-year rising to 1.50%. The dollar fell and crude fell. Meanwhile, in Europe, stocks fell as market sentiment hit by reports that the UK is close to announcing new restrictions, including vaccine passports for large rooms and an order to work from home.

In this context, Argentine stocks make water. Local concerns surrounding the IMF deal and defining an economic policy course for the near future keep those papers close to a minimum.

Together with Bioceres, the role of the Supervielle Group suffered a drop of 2.33%, IRSA Propiedades Comerciales accompanied with a fall of 2.10% and Central Puerto lost 2.03%.

Four of the Argentine shares had not been traded on the day, so they maintained their prices on Tuesday, while only four rose. The most winning was Despegar, with 3.08% progress, similar to that experienced by travel and tourism companies around the world. Mercado Libre gained 1.42% and Grupo Financiero Galicia 0.78 percent.

KEEP READING:

Argentina began the final stretch of negotiations with the IMF with a risky bet not to accept adjustments
The lofts are back: what are the 4 most expensive Buenos Aires apartments in the New York style that was a boom in the ’90s
Vicentin: the judge extended the deadline until March 31 for the company to present a proposal to creditors

Source link

HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker