The Argentine company’s ADRs plunged 28% on Monday to their historic lows of $5.26. Yesterday, with the rebound in international prices of Brent and WTI barrels, it rose 15.59% and closed at $6. The company’s market capitalization is $2.4 billion.
The leading Argentine hydrocarbon companies will ask the national government for the return of the Criollo barrel to sustain the local price of oil around $50. The idea is to work on a sustainable rate that allows giving continuity to the activity, preserving jobs, production and investments.
The national government modified the General Budget of the National Administration for Fiscal Year 2020 and determined the granting of $111.9 million to the Superintendence of Health Services for its program Financial Assistance to Health Insurance Agents, which includes social insurance and prepaid medicine companies.
After plummeting 13.8% on “Black Monday”, the Buenos Aires stock market rose 8.1% on Tuesday, driven by recoveries in the oil sector, in line with the external trend in anticipation of stimuli to mitigate the impact of the coronavirus epidemic on the global economy. However, the dollar bonds accentuated their downward trend, and the risk surpassed the 2,800 points barrier.
The BCRA published the Relevamiento de Expectativas de Mercado (REM), which determined 2.5% inflation for February and for all of 2020 it forecasts 40%. The products that increased the most in February were Sugar (22.7%), Sliced Bread (12.6%) and Leudants (10.4%).