The markets celebrated the Macri-Pichetto formula: the stock market climbed 5% to a new record and ADRs climbed up to 18%

The Peronist Senator Miguel Ángel Pichetto will accompany the president Mauricio Macri in the presidential formula of the ruling party for the October elections in Argentina, as confirmed the president on his Twitter account.

The news, known one day before the legal deadline for the presentation of electoral alliances, has come to an end. stock market will accelerate its upward trend on Tuesday, and finally climb 5%, to reach the historical record of 38,283.25 points, with a large volume exploited that grazed $ 1,800 million, an increase of 84% over Monday.

The most relevant rises of the day were noted: Supervielle Group (+ 15.1%); Pampa Energía (+ 8.5%); BYMA (+ 8%); Central Puerto (+ 6.3%); and Galicia (+ 5.7%).

"Pichetto exploded the stock market", Eduardo Fernández, an badyst from Rava, said that it was necessary to return in mid-September 2018 to find a volume similar to that of Tuesday in private newspapers.

On Wall Street, meanwhile, the Argentine ADR they fired up to 18%,directed by the Supervielle group. But they also recorded a double-digit increase in the roles of Pampa Energía (+ 10.9%); and Banco Francés (+ 10.8%).

"When Macri confirmed this announcement shortly before closing, he went out to pay money from abroad, pushing up strong banks, energy companies and dollar bonds," he describeddomain.com Rafael Di Giorno, Director of Proficio Investment.

According to the specialist, "The international operators saw that, on the one hand, the formula added a clbadical Peronist, and on the other hand, the candidacy of Mauricio Macri was confirmed, which was not 100% confirmed. ".

Finally, "Macri had the opportunity to add a shipowner to the arrival of many governors", Di Giorno synthesized.

For its part, the economist Gustavo Ber supported it means that "The first reaction of the market was very positive, considering that it was a broader and pragmatic formula".

In the same line, Pablo Castagna, director of Portfolio Personal Inversiones, told the media that "investors have taken the positive that the government would add with this formula the vote of undecided ".

It should be noted, however, that the improvement of the spot was also encouraged by another good day of foreign markets facing the signs of increased fiscal stimulus in China and the easing of tensions between Mexico and the United States, which has heightened investor appetite for risky badets.

Country risk and obligations

In the middle of this context,Argentine country risk fell by 3%(28 basis points), after the announcement of the ruling party's presidential formula, although during the day he came to score a minimum of 866 points (-8.9%).

The indicator measured by JP.Morgan Bank closed at 904 basis points, compared to the 1,014 intraday points recorded on Monday of last week, its highest level since February 2014.

In fixed income, key dollar-denominated bonds climbed to nearly 4%. The Bonar 2024 led the promotions with an increase of 3.8%; but the reduction has also increased by 3.4%; and the centenary bonus, 3.7%.

Wednesday at midnight closes the official deadline for the presentation of alliances to participate in the primaries, and until June 22, there is time to confirm the charges in each of the lists.