Key Facts
- The Merval, Argentina’s main stock index, edged up 0.04% to 3,000,582 clinging to the 3-million mark it first crossed this week.
- The peso firmed a touch to 1,492 per US dollar, a 0.05% gain on the session and within 0.5% of its strongest level in a year.
- YPF, the state-controlled oil giant, drew the heaviest turnover after it filed a US$51bn plan to export liquefied gas from Vaca Muerta.
- Banks Grupo Galicia and Banco Macro rose 1.1% and 0.9% as the central bank laid out rules letting lenders offer more dollar credit.
- Edenor, the power distributor, jumped 4.8% making it the session’s standout gainer on the domestic board.
Today’s Focus
Argentina’s Merval index closed at 3,000,582 points on Thursday, up a slim 0.04%, holding the historic 3-million level for a second day. The peso also had a calm session at 1,492 per US dollar, firming 0.05%.
Trading centred on YPF, the country’s state-backed oil company, which with partners filed a US$51bn project to export liquefied natural gas from the Vaca Muerta shale formation. That long-term reform-trade story helped offset profit-taking in energy names like Pampa, which slipped 1.0%.
Banks lent support after the central bank published details on looser rules for dollar lending to companies, a move Economy Minister Luis Caputo said could unlock around US$5.8bn in credit. Grupo Galicia added 1.1% and Banco Macro gained 0.9%.
What matters today. A giant YPF gas export plan and looser dollar-credit rules kept Argentine assets stable, even as the peso’s rally stalls near 1,500.
01 The session in one read
Argentina’s main stock index, the Merval, finished Thursday at 3,000,582 points, up just 0.04%. That is a rounding error for most markets, but it mattered here: it held the 3-million level that investors have chased as a symbol of confidence in President Javier Milei’s economic overhaul.
The peso, Argentina’s currency, also barely budged, ending at 1,492 per US dollar, a 0.05% gain. It now sits within half a percentage point of its strongest level of the past year, a striking calm for a currency that once lurched daily.
The real action was in individual stocks. YPF, the state-controlled oil producer, dominated turnover after it and partners filed a US$51bn project to export liquefied natural gas from Vaca Muerta, the vast shale reserve in Patagonia that Milei wants to turn into an export engine.
Banks also drew buyers after the central bank published rules that make it easier for lenders to offer dollar loans to companies. That promise of more credit — and more profit for banks — lifted Grupo Galicia and Banco Macro.
The market is digesting two policy-rich stories at once: YPF’s flagship gas export project under the Milei government’s investment framework and a fresh push to deepen dollar credit. Both speak to the same investor bet that Argentina is normalising after years of crisis. Yet the Merval’s tiny move and a peso stuck near its 52-week high suggest much good news is already priced in. Watch whether the central bank’s dollar-lending fine print and the YPF consortium’s financing plan deliver on their promises.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Merval | 3,000,582 | +0.04% | Holds the 3 million mark |
| USD/ARS | 1,492 | −0.05% | Peso firms slightly |
| USD/ARS 52-wk range | 1,330–1,500 | — | Near strong end |
| S&P 500 | 7,799 | +0.65% | US stocks at highs |
The Merval’s benchmark close of 3,000,582 is now a psychological anchor for local and foreign money alike. A move of 0.04% is tiny, but the direction matters more than the size after weeks of strong gains.
The peso’s strengthening to 1,492 per dollar is part of a longer drift lower in the exchange rate, as the central bank slowly lets the currency appreciate in real terms to cool inflation. July inflation came in at 2.1% on the same day, snapping three months of slowing price rises but still far below the triple-digit levels of 2024. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,848,945
—
-10.97%
2,859,051
—
—
—
USD/ARS
1,548
+0.15%
+9.87%
1,545
1,548
1,544
—
YPF
6,255
+0.40%
+13.78%
6,230
6,355
6,225
242,638
GGAL
4,940
+1.75%
-36.69%
4,855
4,950
4,843
125,688
PAMPA
4,258
+1.25%
-17.25%
4,205
4,295
4,150
77,277
TXAR
675.00
+0.22%
-15.41%
673.50
680.00
665.50
61,400
ALUAR
748.00
+0.07%
-24.33%
747.50
759.00
742.00
71,069
TGS
7,180
+1.84%
-19.24%
7,050
7,400
6,950
10,496
CEPU
1,750
+2.22%
-20.09%
1,712
1,750
1,690
41,283
MIRGOR
1,695
-0.88%
-92.50%
1,710
1,725
1,690
8,784
COME
32.55
+1.66%
-55.89%
32.02
33.50
31.10
819,826
LOMA NEGRA
2,898
+0.70%
-14.29%
2,878
2,915
2,855
26,157
BYMA
199.50
+0.25%
-29.88%
199.00
201.75
190.00
171,055
TELECOM ARG
3,565
+1.93%
-2.60%
3,498
3,580
3,335
3,744
GLOBANT
46.00
+0.54%
-26.83%
45.75
46.21
45.63
15,543
MERCADOLIBRE
1,485
+0.69%
-26.91%
1,475
1,492
1,463
49,152
03 Why it moved — YPF, banks and a peso at its ceiling
YPF and its partners put a US$51bn project before Argentina’s large-investment incentive scheme, known by its Spanish initials RIGI. The plan includes two floating liquefaction vessels and could generate around US$10bn a year in gas exports, enough to transform Argentina’s trade balance.
That scale of investment is exactly what Milei’s reform trade was built on: dollar-linked export revenues, foreign capital and a smaller role for the state in energy. YPF shares rose 0.6% and drew US$11m in turnover, the second-heaviest of the day, though the stock’s modest move suggests investors are weighing the long timeline and financing risks.
Banks responded to a separate catalyst. The central bank detailed rules that lower reserve requirements for dollar loans to companies, part of a push Economy Minister Luis Caputo says could unlock about US$5.8bn in credit. Grupo Galicia gained 1.1% with US$12m traded, making it the most active name on the board.
The peso’s 0.05% gain looks small, but it comes as the currency sits near 1,500, the strong end of its 52-week range of 1,330 to 1,500. That strength is a double-edged story: it helps tame inflation, but it also makes Argentine exports pricier abroad — a tension the market is starting to watch more closely.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo Galicia (GGAL) | $12m traded | +1.1% | Most active; dollar-credit rules |
| YPF (YPFD) | $11m traded | +0.6% | Vaca Muerta gas export plan |
| Pampa Energía (PAMP) | $3m traded | −1.0% | Profit-taking in energy |
| Edenor (EDN) | — | +4.8% | Top domestic gainer |
| Metrogas (METR) | $2m traded | +2.5% | Utility gains on gas optimism |
| Loma Negra (LOMA) | — | −2.7% | Worst domestic fall |
The most-traded board belonged to Grupo Galicia, with US$12m changing hands as investors bet that looser dollar-credit rules will fatten bank lending margins. Banco Macro, another large lender, rose 0.9% with US$2m traded, while Supervielle added 1.7%.
On the energy side, YPF’s US$11m turnover was the cleanest read on the Vaca Muerta story, though smaller gas distributor Metrogas outperformed it with a 2.5% jump. Pampa Energía, another big power and gas producer, fell 1.0% as some traders took profits after the sector’s long rally.
Cross-listed foreign shares, known locally as CEDEARs, tracked a strong US session: Meta rose 2.1% and the Nasdaq-tracking QQQ added 0.9%. These are not Argentine companies, but they are popular with local savers seeking dollar exposure.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Merval | Argentina | +0.04% |
| Ibovespa | Brazil | −0.23% |
| IPC | Mexico | −0.64% |
| IPSA | Chile | +0.16% |
| COLCAP | Colombia | +0.07% |
Argentina bucked a soft day in the region’s two largest markets. Brazil’s Ibovespa, its main stock index, slipped 0.23%, while Mexico’s IPC fell 0.64%, both pressured by profit-taking after strong runs.
Chile’s IPSA and Colombia’s COLCAP posted small gains of 0.16% and 0.07%, keeping Latin American boards mixed overall. The embedded live market board above carries the latest closes.
06 The technical picture
The Merval’s close at 3,000,582 leaves it a whisker above the 3-million level that has acted as a magnet and a ceiling in recent sessions. Holding that mark for consecutive days suggests buyers are defending it, but the tiny daily moves hint at fading momentum.
The peso at 1,492 per dollar sits just 0.5% from its strongest level of the past year, with the 52-week range spanning 1,330 to 1,500. A clean break above 1,500 — meaning a stronger peso — would mark new territory for Milei’s disinflation push.
For the Merval, the level to watch is 3,000,000 itself. A daily close below it could trigger a quick pullback, while a decisive push higher would need fresh catalysts beyond the well-flagged YPF and bank stories.
07 What to watch
- YPF financing plan: How the US$51bn Vaca Muerta gas project secures partners and funding will set the tone for energy stocks
- Central bank dollar-credit rules: The fine print on reserve requirements will decide how much new lending actually reaches companies — and bank profits
- Peso near 1,500: A push through the strong end of the 52-week range would be a milestone, but it could also pressure exporters
- Inflation path: July’s 2.1% print snapped a three-month slowing streak; confirmatory data will test the disinflation narrative
Background: Argentina MSCI Upgrade: The Real Money Behind the Hype.
Background: Argentina Moves to Bar Its Own Officials From the ‘Inocencia Fiscal II’ Tax Deal.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Merval?
It is Argentina’s main stock index, tracking the largest companies listed on the Buenos Aires exchange. A rising Merval generally means investors are more confident about Argentine assets.
Why is YPF so important to the market?
YPF is the state-controlled oil and gas producer leading development of Vaca Muerta, a shale formation central to Argentina’s export hopes. Its investment plans move the whole energy sector and the country’s dollar-earning potential.
What is the Milei reform trade?
It is investor shorthand for bets that President Javier Milei’s policies — spending cuts, deregulation and incentives for big projects — will stabilise Argentina and draw foreign capital back in.
Why does the peso strength matter?
A stronger peso helps tame inflation by making imports cheaper, but it can hurt exporters and the competitiveness of Argentine goods abroad. The market watches the balance closely.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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