ON THURSDAY'S SESSION, LOCAL ASSETS HAD A POSITIVE DAY. Dollar-denominated sovereigns rose and country risk fell to 486 bps. Across peso-denominated curves, Lecaps, CER bonds, and Duals advanced, while dollar-linked instruments edged lower. Financial exchange rates declined while the official rate held steady. The BCRA purchased USD 119M in the official market, although gross reserves fell.

DOLLAR-DENOMINATED DEBT ROSE 0.4%, outperforming emerging market peers. Gains were broad-based across the curve, with the AL35 standing out with a 0.6% advance. With this performance, country risk compressed to 486 bps, approaching the lows seen at the start of the year when it touched 481 bps. Bopreal bonds moved in line with the sovereign curve, also rising 0.4%.

ARS-DENOMINATED DEBT CLOSED WITH BROAD-BASED GAINS, led by CER bonds with a 1.3% rise. Fixed-rate instruments and Duals followed with advances of 1.1%, while dollar-linked bonds showed a mixed performance: the short end rose 0.9% and longer maturities gained up to 1.8%. Overnight rates remain stable at around 20% NAR, while TAMAR edged slightly lower to 22.1% NAR.

THE OFFICIAL EXCHANGE RATE ROSE AGAIN BY 0.2%, closing at ARS 1,438.82, remaining 22.8% below the upper band ceiling (ARS 1,767.17) and accumulating a 2.0% gain month-to-date. In contrast, financial exchange rates declined: the MEP fell 0.9% and the financial dollar fell 1.0%, closing at ARS 1,456 and ARS 1,510, respectively; the spread between the two stood at 3.6%, while the gap versus the official rate narrowed to 4.9%. Meanwhile, the BCRA purchased USD 119M, bringing year-to-date purchases to USD 10,148M. Gross reserves fell USD 45M, closing at USD 48,369M.

THE MERVAL ADVANCED 0.3% IN PESOS AND 1.3% IN DOLLAR TERMS, settling at USD 2,102. Gains were broad-based across all sectors, with real estate, materials, and energy leading the advance. On the local board, IRSA (4.8%), Ternium (4.2%), and Transener (3.8%) topped the gainers, while Transportadora Gas del Norte (-0.7%), Central Puerto (-0.4%), and Sociedad Comercial del Plata (-0.3%) were the only decliners. Among New York-listed shares, the average rose 1.1%, with Loma Negra (3.5%), IRSA (2.7%), and Banco Macro (2.2%) as the top performers, while Bioceres (-1.6%), Vista Energy (-1.2%), and Ternium (-0.1%) lagged behind.