Argentina Markets Hold A Rare Calm As Stocks Cool And The Dollar Gap Narrows
Key Points
- The peso’s official and street rates are unusually close, signaling lower immediate FX stress.
- Stocks pulled back as bonds softened and “proof of reserves” stayed the central test.
- Traders are watching a debt roll-over auction and the BCRA’s daily dollar purchases.
Argentina is starting January 14 with an uncommon feature for its FX market: a tight spread between the official dollar and the blue rate.
Banco Nación’s reference was $1,485 per dollar, while the blue market traded around $1,505. That leaves a gap of roughly 1–2%, far smaller than in past stress episodes.
In practice, it suggests that expectations for a sharp devaluation are not dominating morning price discovery, even as investors remain alert to policy risk.
In parallel, financial dollar gauges were mixed but orderly. A local broker morning sheet marked the official dollar near $1,490, MEP around $1,488, and CCL near $1,528.
The message is not “problem solved,” but “pressure contained,” with capital-account channels still pricing a premium over the regulated lane.
Tuesday’s session set the tone. The S&P Merval closed near 3.036 million, down about 1.3%, while dollar bonds slipped modestly and country risk pushed above 580.
The central bank reportedly bought $55 million in the official market and reserves were cited near $44.8 billion.
The Treasury’s next test arrives today: a roll-over auction seeking to refinance about $9.6 trillion in maturities with a mix of short bills, inflation-linked paper, and dollar-linked instruments, days after a $4.3 billion payment to private bondholders.
Equity performance was selective. Top gainers in Buenos Aires were Telecom Argentina (TECO2) +3.8%, Cresud (CRES) +2.4%, Banco de Valores (VALO) +1.5%, Loma Negra (LOMA) +1.2%, and BBVA Argentina (BBAR) +0.8%.
The main losers were Transportadora de Gas del Norte (TGNO4) -3.5%, Comercial del Plata (COME) -2.8%, Transportadora de Gas del Sur (TGSU2) -2.1%, Ternium Argentina (TXAR) -1.6%, and Grupo Supervielle (SUPV) -1.6%.
Overnight in New York, the Argentina ETF ARGT hovered near $93 on about 206,000 shares, while YPF’s ADR traded around $34.8 on roughly 2.1 million shares.
With global inflation data reinforcing a “patient Fed” mood and the dollar steady, Argentina’s charts show consolidation in FX and fading momentum in equities rather than a fresh break in either direction.
Related coverage: Brazil’s Morning Call | JPMorgan And Citi’s $1 Billion Pipeline Talks Put Argentina’ This is part of The Rio Times’ daily coverage of Argentina affairs and Latin American financial news.
Live Market IntelligenceArgentina — Live Market Board
Rio Times · Live Market Intelligence
Argentina — Live Market Board
-0.72%
175,664.62
+0.30%
65,484.32
-0.53%
11,445.90
-0.22%
2,979,472
-0.72%
2,457.87
-1.28%
60,779.49
-1.40%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| MERVAL | 2,979,472 | -0.72% | +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 |
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