Argentina Markets: Merval & the Peso — September 1, 2026
Key Facts
- The S&P Merval closed at 3,033,848 points a gain of 1.83% on the session, with the broader S&P BYMA index up 1.95%.
- The wholesale peso firmed slightly to 1,512 per dollar while the parallel blue dollar stayed at 1,555.
- Banks powered the rally with BBAR up 4.1%, Grupo Supervielle up 3.2%, and Grupo Galicia and Banco Macro gaining around 3%.
- Country risk was unchanged at 512 points still elevated but stable, suggesting no fresh sovereign-debt alarm.
- Turnover stayed modest with top-traded names like GGAL moving only about $11m, typical of a thin late-summer session.
Today’s Focus
Argentina’s main stock index, the S&P Merval, rose 1.83% to 3,033,848 points on Monday. The broader S&P BYMA index added 1.95%, confirming a broad domestic bid.
The peso also firmed slightly. The wholesale dollar edged down to 1,512 pesos, while the CCL market-based dollar sat near 1,609.50.
Banks were the engine. Banco BBVA Argentina’s local listing jumped 4.1%, Grupo Supervielle added 3.2%, and Grupo Galicia and Banco Macro rose about 3% each.
The move looked like a classic Milei reform-trade continuation. With country risk holding at 512 points and no fresh shock, local investors favoured cheap financial and energy shares.
What matters today. Argentina’s equity market is still in a recovery groove, with banks leading the way as the peso steadies and country risk holds rather than spikes.
01 The session in one read
The S&P Merval, the main stock index of the Buenos Aires exchange, closed at 3,033,848 points on Monday, up 1.83%. The broader S&P BYMA gauge rose 1.95% to 130,960,426.78 points, confirming that the day’s strength was not just a few large caps moving.
The peso drifted firmer rather than lurching, which matters in a country where currency stability is a daily concern. The wholesale dollar settled at 1,512 pesos, while the CCL, a market-based dollar route often watched by foreign investors, sat near 1,609.50.
Banks were the session’s heart. Banco BBVA Argentina’s listing rose 4.1%, Grupo Supervielle climbed 3.2%, and Grupo Galicia and Banco Macro each added around 3%, pulling the Merval higher.
This looked less like a fresh headline and more like a continuation trade. With country risk holding at 512 points and sovereign dollar bonds trading mixed, investors kept buying the same Milei reform-trade names that have led for months.
The evidence points to a rotation trade rather than a headline-driven breakout. With no single macro event, the session’s strength came from a steadier bond and currency backdrop, which let investors revisit the Milei reform story through the most liquid financial names.
The variable to watch is whether bank gains translate into broader turnover. If volumes stay near $10m in the top names, the rally is real but thin; a pick-up in traded value would signal deeper conviction.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 3,033,848.07 | +1.83% | Main board of the Buenos Aires exchange |
| S&P BYMA | 130,960,426.78 | +1.95% | Broader Buenos Aires equity index |
| USD/ARS wholesale | 1,509 | −0.26% | Peso firmed slightly in official trade |
| Banco Nación dollar | 1,535 | — | Retail bank selling rate |
| CCL dollar | 1,609.50 | — | Market-based dollar via stocks and bonds |
| MEP dollar | 1,537.49 | — | Dólar bolsa, another market-based route |
| Blue dollar | 1,555 | — | Parallel street rate unchanged |
| Country risk | 512 points | — | Still elevated but stable |
The 52-week range for the wholesale peso is 1,330 to 1,514, so Monday’s close of 1,512 sits only 2 pesos from the weakest level of the past year. That is a subtle point: the peso firmed on the day, but it remains close to its recent lows, which is why the official rate matters more for importers than for equity bulls.
The Merval’s gain of 1.83% is modest by recent Argentine standards, where double-digit daily swings can happen. But coming without a single dramatic news item, it felt like a patient, steady bid. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,070,880
+1.22%
+30.51%
3,022,485
3,042,365
2,991,150
—
USD/ARS
1,493
+0.10%
+12.96%
1,491
1,494
1,480
—
YPF
7,810
+0.26%
+72.84%
7,790
7,850
7,600
1,763,858
GGAL
6,980
-0.78%
+1.82%
7,035
7,115
6,920
1,564,062
PAMPA
5,115
+0.69%
+26.70%
5,080
5,140
5,000
721,190
TXAR
747.50
-2.35%
+18.67%
765.50
770.00
742.50
771,892
ALUAR
938.00
-1.21%
+29.83%
949.50
951.00
932.50
135,426
TGS
8,870
-0.17%
+15.05%
8,885
9,075
8,720
143,546
CEPU
2,156
+1.84%
+28.36%
2,117
2,165
2,086
404,146
MIRGOR
1,650
-1.20%
-92.90%
1,670
1,670
1,635
20,877
COME
40.93
-0.73%
-30.47%
41.23
41.60
40.50
4,258,884
LOMA NEGRA
3,130
+0.08%
+5.80%
3,128
3,205
3,090
182,992
BYMA
275.00
-1.70%
+35.14%
279.75
282.50
272.00
1,409,575
TELECOM ARG
4,233
-0.70%
+55.19%
4,263
4,335
4,160
31,896
GLOBANT
38.10
-2.26%
-49.65%
38.98
38.70
36.77
793,552
MERCADOLIBRE
1,870
-3.59%
-20.71%
1,940
1,927
1,870
329,640
03 Why it moved — steadier bonds and peso, no fresh shock
Wire reports out of Buenos Aires emphasised that the equity market recovered after earlier weakness, supported by a firmer local tone. The catalyst was not a single announcement but a steadier bond and currency backdrop, which let buyers step back in.
Argentina’s country-risk index, often called the JPMorgan EMBI+ Argentina spread, held at 512 points. A stable reading here tells investors that sovereign-debt jitters did not worsen, even as sovereign dollar bonds traded mixed.
The peso’s small firming helped. When the CCL and MEP market-based dollar routes ease, it often signals that local investors are less desperate to hedge into dollars, which in turn supports the equity market.
The Milei reform trade remains the market’s gravitational centre. That trade is shorthand for betting that President Javier Milei’s austerity and deregulation will keep inflation falling, stabilise the peso, and eventually pull Argentina’s borrowing costs lower.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Banco BBVA Argentina (BBAR) | — | +4.1% | Top domestic gainer, part of bank rally |
| Cresud (CRES) | — | +4.1% | Agribusiness and real-estate holding |
| Grupo Supervielle (SUPV) | — | +3.2% | Mid-cap bank among strongest movers |
| Grupo Galicia (GGAL) | — | +3.0% | Most-traded name at $11m turnover |
| Banco Macro (BMA) | — | +2.9% | Second heavyweight bank in the bid |
| YPF (YPFD) | — | +2.3% | State-controlled energy giant, $10m traded |
| Pampa Energía (PAMP) | — | +1.3% | Power and energy holding, $4m traded |
| Transportadora de Gas del Norte (TGNO4) | — | −0.2% | Small pullback in gas infrastructure |
The leaderboard was a bank story. Banco BBVA Argentina and Cresud tied for the best session gain at 4.1% each, but BBAR’s move carried more weight because financials are the most liquid domestic sector in Argentina right now.
Turnover was thin even at the top. Grupo Galicia moved about $11m and YPF roughly $10m, which is light for a major emerging-market exchange. The gains were clear, but the volume suggests the rally still has room to prove itself.
The only domestic decliners were small and orderly. Ternium Argentina fell 2.0%, Transportadora de Gas del Norte lost 0.2%, and Bolsas y Mercados Argentinos slipped 0.2%. None of these moves look like a trend; they look like light selling at the edges.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P Merval | Argentina | +1.83% |
| Ibovespa | Brazil | +1.00% |
| IPC | Mexico | −0.67% |
| IPSA | Chile | −1.14% |
| COLCAP | Colombia | −1.33% |
| BVL Perú | Peru | −0.80% |
Argentina stood out as the region’s strongest major market on Monday. Brazil’s Ibovespa, the main stock index in São Paulo, also rose 1.00%, which suggests the day’s positive equity tone was not purely Argentine.
The rest of the region lagged. Mexico’s IPC fell 0.67%, Chile’s IPSA slipped 1.14%, and Colombia’s COLCAP dropped 1.34%. The live market board above carries the real-time closes for a fuller picture.
06 The technical picture
The Merval’s close at 3,033,848 points keeps it near the upper reaches of its recent range, though the verified scan does not include a fresh 52-week high for the index. The session’s 1.83% gain was solid but not explosive.
For traders, the key level to watch is any push above the psychological 3,050,000 mark. If the index clears that on stronger volume, it would signal that the bank-led rotation is drawing in fresh money rather than just re-shuffling existing positions.
The peso’s technical picture is more delicate. At 1,512 per dollar wholesale, the official rate sits only 2 pesos from its 52-week weakest point of 1,514. Any renewed pressure toward that level could bring back inflation hedging and cool the equity rally.
07 What to watch
- Bank follow-through: Whether Grupo Galicia and Banco Macro can build on Monday’s gains with higher turnover; thin volume would blunt the signal.
- Peso stability: The wholesale dollar near 1,514, its weakest level in 52 weeks, is the main risk; a break above could revive dollar hedging.
- Country risk at 512 points: A move above 550 could pressure sovereign bonds and spill into stocks, so watch the JPMorgan EMBI+ Argentina spread.
- Sovereign dollar bonds: Mixed trading on Monday might resolve into a clear trend; a firmer bond market would support the Milei reform trade.
Background: Argentina Markets Week: Wholesale Peso Crosses 1,500 as Stocks Rise.
Background: Argentina Rolls Over 96 Percent of Maturing Debt as Country Risk Eases to 509.
Frequently Asked Questions
What is the S&P Merval?
It is the main stock index of the Buenos Aires exchange, tracking the largest and most-traded Argentine companies.
Why did banks lead the rally?
Investors favour financials under the Milei reform trade because banks benefit from falling inflation and a more stable peso.
What is country risk and why does 512 points matter?
It measures the extra yield investors demand to hold Argentine debt over US Treasuries. At 512 points, it is high but stable, meaning no fresh panic.
What is the CCL dollar?
The contado con liquidación is a legal way to buy dollars abroad using Argentine stocks and bonds, often watched by foreign investors and locals hedging.
Merval — Market data: RT; exchange figures from BYMA
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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