S&P Merval down more than 3% due to the Petrobras effect, Supervielle profit taking and a further decline in CCL

It should be noted that in the last five wheels, the CCL dollar has fallen almost $ 10 (around 6%), which put a lot of pressure on the benchmark since it implied a larger sale of assets.

Supervielle share collapsed by 11.3% after a sharp rise of almost 80% in the previous week due to rumors indicating an alleged interest of the company in acquiring the Falabella client portfolio and the alleged intention of Banco Itaú to buy a business unit of the Argentinian financial company.

On Wall Street, ADR of the company fell 10.2% and dragged down the rest of the banking sector’s assets. Unlike his peers, the actions of the steelmaker Ternium They were among the few beneficiaries of the day, both in Buenos Aires and New York, after the publication of the 2020 balance sheet, which posted a profit of 18,866 million dollars.

At the same time, eyes were also on Brazil, where the stock market fell driven by the change of directory of Petrobras promoted by President Jair Bolsonaro.

Indeed, Petrobras share fell 7.2% after falling more than 20% earlier, wiping 70 billion reais ($ 12.69 billion) from the company’s market value, as analysts cut their recommendations after Joaquim Silva e Luna was appointed to replace Castello Branco in the management of the firm. In this context, the Bovespa fell by almost 5%.

The president of the neighboring country on Friday announced the reorganization of the oil company, saying its fuel policy appealed only to markets and certain groups, so it should be changed as part of an effort to reduce gasoline and diesel prices.

XP analysts said investing in Petrobras was no longer tenable after Bolsonaro’s sudden move. “There are risks to the company’s independence and its ability to continue to market its fuel at international parity,” they said.

In addition to the unfavorable international context, investors’ doubts about the future of the Argentinian economy were added in the midst of the coronavirus pandemic, high inflation, the freeze of rates and negotiations with the IMF for an extended development plan. .

During, Domestic bonds posted the majority of declines in all of their segments, where country risk exceeded 1,500 basis points (it closed at 1,501 units, 0.87% higher) and hit its highest level since September, date the swap was sealed from the external debt.

If many titles managed to recover some of the falls they had launched during the morning, the reds were clear all over the curve and in both legislations.

“The heavily battered local legislation has largely maintained the path of recovery, but this was not enough (to close in green) except for the most exploited AL30 (Bonar 2030), who, although he didn’t show signs of responding to so many morning crushes, towards the end of the wheel he recovered some of the drop to show a slight rise in prices, even s ‘it must be considered that this is one of the obligations that has a wide participation of public organizations “, they analyzed from the stock exchange Rava.

Brokerage Personal investment portfolio He warned that bonds are not in a position to bounce back because “there are many issues to be resolved around the economic recovery, inflation and other issues.” “Everything, without losing sight of the fact that we are in an election year, and the political factor has a more than relevant weight. Let us also keep in mind that Argentine risk investors have been punished for a long time, with whom to regain confidence It will not be immediate, ”he said.

It should be remembered that last week, creditors group AdHoc criticized the country for what it called “erratic” economic policies that affect growth and hit asset prices (with average yields of 18.5%). %) just five months later. , which achieved 99% grip.