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Financial News: ARGENTINA: Merval Climbs 4.55% On Expectations Of Agreemen

ARGENTINA: Merval Climbs 4.55% On Expectations Of Agreement With IMF

06/05/2018 - 18:55:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 4.55% to 30,359.26 points Tuesday, mainly driven by the shares of banks and energy companies. The good mood in the market is also related to the growing expectation for the signing of the agreement between Mauricio Macri's administration and the International Monetary Fund (IMF).

"Although the figures have not yet been disclosed, the market is betting that Argentina could have access to a standby credit higher than the estimate," said Eduardo Fernandez, an analyst at Rava Bursatil.

IMF's director for the Western Hemisphere Department, Alejandro Werner, said that "the negotiations are well advanced."

The expectations are for the agreement to be signed in the coming days.

The shares of Banco Francis (+11.76%), Distribuidora de Gas Cuyana (+9.41%), and Supervielle (+8.21%) rose sharply. The only company to close lower was Petrobras (-3.80%).

Meanwhile, the locally traded U.S. dollar closed with a subtle drop of 0.04%, at 24.96 Argentinean pesos, with the Banco de la Nacien selling currency to avoid the USD rise in the local foreign exchange market, avoiding interventions by the Central Bank of Argentina (BCRA). The U.S. dollar keeps on rising amid expectations of an agreement between Argentina and the IMF.

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