Javier Milei, the presidential candidate of the Liberty Advances coalition, has just arrived in Buenos Aires to cast his vote in the presidential runoff election. The day after his victory, YPF, the state-owned oil firm, saw a massive surge in shares. On Monday, YPF’s New York-listed shares spiked more than 40%, reaching $14.90 and up 38.82%. Milei won by a wider margin than expected and has promised to revitalize the ailing Argentine economy during his campaign.
In an interview with radio station Mitre, President-elect Milei stated that his administration will create value for companies that will be sold beneficially for Argentines. He also mentioned his intention to end the “model of decadence” and change is imminent. The stocks of Grupo Financiero Galicia, Banco Macro, and the Global X MSCI Argentina ETF also saw gains on Monday due to Milei’s win.
Milei’s economic plan involves prioritizing the US dollar over the local peso to help mitigate historic inflation. As investors and markets closely watch the exchange rate between these two currencies, they will be eagerly waiting to see how Milei’s plans unfold in terms of economic growth and development for Argentina.