Argentine Energy Stocks Surge by 14% on Wall Street Following Tariff Adjustment

Despite the global pessimism, the Buenos Aires stock market started the month with a slight drop. However, a gas tariff adjustment boosted the sector’s stocks, with Transportadora de Gas del Sur ADR rising almost 14% in New York. The bullish momentum extended to banking stocks listed on Wall Street, with BBVA ADR advancing 7.4%, and Macro and Supervielle adding 6% and 5% respectively. New York’s main indices recovered after a shaky start to the week in the red.

In order for the global rally to be sustained, PPI warned that the accumulation of reserves must be sustainable, as well as the normalization of the exchange market and maturities in the short term. This insight underscores the need for continued economic stability and growth in the sector. On the bond side, Argentine debt is moving in a mixed direction this month, with the country risk worsening by 0.8% and returning to 1,451 points.

Economist Gustavo Ber explained that while expectations of lower rates are diminishing, Wall Street is seeking a respite after recent cautionary rounds. ADRs are reflecting this more positive sentiment in the US while local markets play catch up after multiple holidays. In Buenos Aires’ square energy stocks saw notable performance, with Central Puerto, Edesur and Gas Natural Ban all benefiting from gas rate adjustments.

By Riley Johnson

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