The leading S&P Merval Argentine Stock Exchange and Market (BYMA) index rebounded 7.8% to 40,951 units. The principal increases were in Ternium (+11.6%), Grupo Financiero Galicia (+11.1%), and Central Puerto (+10.6%).
Day: June 22, 2020
WTI oil up 9.6%
US oil climbed to $39.75 a barrel on positive signals regarding the recovery in demand and expectations for further production cuts. The Brent closed at $42.19.
Central Bank debt grows to 75% of gross reserves
The BCRA's net purchasing balance improved to nearly $900 million, to recover the level of early May. The BCRA regulates devaluation to minimize the inflationary effect of the wholesale dollar increase, which governs trade operations. The official exchange rate rises by 17% in 2020, some four points above the CPI. The entity's debt represents nearly $33 billion, 75% of gross reserves and three times the amount of net reserves (freely available) in the Central Bank.
A $36 billion fintech unicorn has Argentina in its sights
It is Stripe, a $36 billion payment processing platform. It is a technology and finance company that created payment processing software used by thousands of companies around the world. The registration of Stripe Payments Argentina SA took place during the first week of March.
An Uruguayan holding company took over Buenos Aires Design, will invest $13.4 mn
Buenos Aires Design got a new owner: the Uruguayan holding company Hatzlaja will pay more than $81,767 a month to operate the building and will invest $13.4 million in works to renovate it. The company won the bidding process carried out by the Government of the City of Buenos Aires, and today the contract for the transfer was signed.
