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IN TUESDAY'S SESSION, local assets posted a positive day in fixed income and a more moderate one in equities. Sovereign dollar bonds rose and country risk held around 558 bps. In the peso curves, CER instruments advanced, while dollar-linked bonds retreated and Lecaps and Dual bonds were little changed. Financial exchange rates eased, as did the official exchange rate. The BCRA bought in the official market and gross reserves rose.
DOLLAR-DENOMINATED BONDS ADVANCED AN AVERAGE OF 0.3%, underperforming emerging market debt. Globals posted average gains of 0.3%, with stronger momentum at the extremes of the curve: the short end (GD29) gained 1.1% and the long end (GD46) advanced 1.5%. Bonares performed more modestly, rising 0.2% on average, with the short end (AL29) being the most dynamic with a gain of 0.6%. With this performance, country risk held at 555 bps. Bopreales traded lower across most segments, with declines ranging between 0.2% and 0.5%.
ARS-DENOMINATED DEBT HAD A MIXED SESSION. CER bonds were the standout performers, rising 0.8%. Lecaps were roughly flat on average, though the short end outperformed, leading to a compression in yields at that segment. Dual bonds closed down 0.3%, while dollar-linked bonds fell 0.3%.
THE OFFICIAL EXCHANGE RATE FELL 0.2%, closing at $1,395.19, placing it 22.7% below the ceiling of the exchange rate band, which stands at $1,712.43. The MEP dollar eased 0.4% to $1,430.77, while the cable dollar retreated 0.4%, closing at $1,487.52. The CCL spread versus the official rate stood at 6.6%, while the MEP-CCL spread closed at 4.0%. The BCRA bought USD 69M in the session, accumulating USD 140M in the first two days of May and USD 7,295M year-to-date. Gross reserves rose USD 224M, closing at USD 45,907M.
THE MERVAL FELL 0.3% IN PESOS but advanced 0.2% in dollar terms, settling at USD 1,855. Construction and banking stocks led gains, while communications, energy, and consumer names underperformed. On the local panel, Loma Negra (7.0%), IRSA (5.2%), and Transener (4.9%) led the gains, while Telecom Argentina (-3.9%), Pampa Energía (-2.5%), and Aluar (-2.2%) posted the largest declines. Among ADRs, the average rose 0.9%, with Loma Negra (7.8%), Bioceres (5.1%), and BBVA (4.6%) as the top gainers, while AdecoAgro (-6.2%), Pampa Energía (-2.0%), and Vista Energy (-1.6%) led the losses.
