Argentine stocks trading on Wall Street plunged to almost 13% on Wednesday, with substantial declines by the financial sector, after the decision of MCSI to rebalance its portfolio and leave out Galician and Banco Macro stocks, amid uncertainty generated by the sovereign debt restructuring. Dollar bonds, simultaneously, fell close to 4%.
The industry’s installed capacity utilisation stood at 51.6% in March, down from 58.8% in the same month in 2019. The textile and automotive sectors showed the lowest use of their installed capacity.
YPF CEO Sergio Affronti made progress on Wednesday with the assembly of the oil company’s new management structure:
Executive Vice President Downstream – Mauricio Martin
In conventional upstream, oil engineer appointed Gustavo Astie
In non-conventional upstream, Pablo Iuliano takes over
Executive Vice President Gas and Energy – Martínez Tanoira
VP Investment and New Business – Marcos Sabelli
BCRA’s International Reserves rose to $43.28 billion after falling $66 million on Wednesday. The blue dollar operates on the 133 pesos record, amid increased pressure changed in the parallel square after the last hurdles to buying dollars on formal circuits the spread reached 97%. The dollar Counted with Liquidation (CCL) – which arises from the sale of bonds or shares in order to flee capital of the country – advanced to 125.76 pesos, bringing the gap with the official widened to 86.2%.
In turn, the MEP dollar or stock exchange – the same trade as the CCL but within Argentina – amounts 122.77 pesos, which leaves a spread of 81.8% compared to the currency operating in the official market.
Argentina’s crude steel production plummeted by 74.5% year-on-year in April as a result of the Government’s mandatory quarantine in the face of the coronavirus pandemic, the Argentine Chamber of Steel (CAA) said Wednesday. The outlook for the coming months is linked to the evolution of authorizations to re-produce within a framework of rigorous compliance and adaptation of health protocols in line with health developments and the reactivation of the customer sectors.