The dollar has dropped a bit with the intervention of the central bank

In the first test against the markets, the new Minister of Finance, Hernán Lacunza, agreed. At least to calm the price in dollars. Yesterday, it dropped 74 cents and closed at 57,378 pesos for sale to the public, with strong intervention from the Central Bank, as expected and advanced by this newspaper in its edition yesterday.

Instead, the Buenos Aires Stock Exchange collapsed to 10.45%. Banks' shares were the most punished, with losses of up to 17%. The rating agency Standard & Poor's (S & P) has announced that it has lowered the rating "B" to "B" to three major banks, after highlighting "the most important weakening of the already vulnerable financial profile of the country".

In the wholesale sector, the US dollar ended at 54.75 pesos, 25 cents lower than the values ​​recorded at the end of last Friday.

"In a wheel with a lean business figure, the official strategy has managed to slightly reduce the sharp rise of last week, allowing prices lower than $ 55 per unit," said Gustavo Quintana, PR Corredores' operator of Cambio.

"The market has opened with a big wait on the replacement of the Minister of Finance and control of the value of the dollar / peso to give it greater stability," said Fernando Izzo, an badyst at ABC Mercado de Cambios, who said that even if it had started with a rise the BCRA's offers and the auction on behalf of the National Treasury "lowered the price until the closure of the National Bank to $ 54.75 seller for the transfer , and the ticket to $ 57 seller (counter-price) ". The Central Bank again intervened in the foreign exchange market for $ 180 million.

In monetary matters, the central bank absorbed $ 45,224 million in the Leliq tender, allocating a total of $ 144,926 million at an average rate of 74,964%.

Wall Street Bounce

As indicated, stocks fell 10.45% yesterday in the domestic market and reflected, in the case of companies listed on Wall Street, a portion of losses suffered Monday on this place; At the same time, country risk closed at 1,852 basis points, down 1.3% from yesterday.

With yesterday's loss, S & P Merval reached 27,230.62 points, a level in which it was no longer located for a year. The main losses of the main group were Banco Macro (-17.66%), Banco Supervielle (-16.76%), Grupo Financiero Galicia (-16.19%), Banco Francés (-14.25%), Transportadora Gas del Norte (-11.22%) and YPF (-10.54%).

Declining roles in the banking sector have mirrored the heavy losses that these Wall Street (ADR) shares have built yesterday, according to badysts in the definitions of the candidate Alberto Fernández on the renegotiation of debt with creditors, which resulted in the withdrawal of funds International badets of Argentina.

In addition, lowering the rating of sovereign debt by Fitch Friday afternoon, which through holidays, had an effect on the market yesterday has pbaded on the local market.

"In the fixed income sector, dollar bonds showed a negative trend, with reds reaching 11.3% (A2E7). In contrast, peso-denominated bonds showed a similar trend with losses of up to 9.9% (PR15), "said Portfolio Personal Inversiones.

In New York, ADRs and Argentine bonds rose slightly, following the morning definitions, before the opening of the market, of the new Finance Minister, Hernán Lacunza, and of the President of the Central Bank, Guido Sandleris, who approved seek a consensus with the rest of the forces presented in the presidential election.

In addition, the message of the International Monetary Fund, which through the intermediary of his spokesman Gerry Rice, announced yesterday that an agency mission "will soon visit Buenos Aires", while noting that they follow "closely the events in Argentina" "