Argentina Shares Jump 2.7% as Banks Rally | Argentina Market Report, Nov 13
Key Facts
- The peso held firm at 1,544 per US dollar, down 0.11% on the session, which means the dollar cost slightly fewer pesos than the day before.
- Local bank and power shares led the board, with Banco Macro up 3.2%, Grupo Galicia up 3.1% and Pampa up 4.1%, and the Merval index up 2.68% to 84,704.
- Central Puerto climbed 5.7%, and Ternium Argentina (TXAR), the local steelmaker, was the biggest mover of the most-traded names at 8.7%.
- The dollar sits 0.5% below its 12-month high of 1,551, set on 3 November, and 13.9% above its 12-month low of 1,355 from 13 April.
- Country risk, the extra yield investors demand to hold Argentine dollar bonds, eased to about 830 points, down from a 2026 high of 925 reached on 5 November.
- Prediction markets: Polymarket, a real-money prediction market, prices Argentina’s 2026 annual inflation at 30.0% to 34.9% with 94.0% probability (US$100,783 traded, 7:45 p.m. ET, 13 November).
Today’s Focus
Argentina’s market spent the session doing two things at once: shrugging off a hotter-than-expected inflation print and bouncing in the shares most sensitive to the reform push of President Javier Milei. The peso, meanwhile, barely moved.
The currency closed at 1,544 per US dollar, a 0.11% gain for the peso. That is only 0.5% below the dollar’s 12-month peak of 1,551, so the calm is real but not far from the edge.
Banks and power producers did the heavy lifting. Grupo Galicia and Banco Macro, two of the country’s largest lenders, rose more than 3% each, while Pampa, a power and gas company, gained 4.1%.
What matters today. For anyone holding Argentine assets, the signal is that investors are buying reform winners again, but the peso’s closeness to its 12-month dollar high shows the cushion is thin.
01 The session in one read
Imagine a crowded shop where most customers are nervous but a few keep buying the same shelf. That was Buenos Aires: the mood was cautious, yet money kept flowing to banks and power companies.
The Merval is Argentina’s main stock index, the benchmark of its largest listed companies, traded on the Buenos Aires stock exchange, known as BYMA. On Friday 13 November it gained 2.68% to close at 84,704, after falling 4.10% on 5 November.
What is solid is the peso and the stocks. USD/ARS, the price of one US dollar in Argentine pesos, closed at 1,544, down 0.11%.
The evidence points to a relief rally in domestic bank, energy and power shares rather than a change of regime. Country risk eased from its early-November high, the peso held, and local turnover was concentrated in the names that gain most from deregulation and cheaper funding.
Against that, INDEC, the national statistics office, reported October inflation of 2.2% on the month, and US bond yields are climbing. The variable to watch is whether country risk stays below its 925 peak.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Merval index | 84,704 | +2.68% | Banks and power companies led the rally |
| Session range | — | — | Not available |
| USD/ARS (peso per dollar) | 1,544 | −0.11% | Peso slightly stronger |
| 12-month dollar high | 1,551 (3 Nov) | −0.5% away | Dollar sits just under its peak |
| 12-month dollar low | 1,355 (13 Apr) | +13.9% away | Peso has weakened sharply since April |
| Key technical level | 1,551 | — | A move above it would be a new 12-month peso low |
The table shows how little the peso moved and how much ground it has lost over the year. A dollar costing 13.9% more than at its April low is the real story behind Argentine prices and savings habits.
Over 20 sessions the dollar is up 1.70%, and over 60 sessions up 2.9%. That is a slow drift toward weaker pesos, not a panic, and today’s 0.11% reprieve does not reverse it. 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
1,544
-0.11%
+9.58%
1,545
1,548
1,543
—
YPF
6,315
+1.36%
+15.33%
6,230
6,355
6,200
1,426,470
GGAL
4,963
+2.21%
-35.96%
4,855
4,988
4,843
1,495,343
PAMPA
4,348
+3.39%
-14.92%
4,205
4,373
4,150
1,735,234
TXAR
735.00
+9.13%
-8.27%
673.50
750.00
665.50
2,551,003
ALUAR
760.00
+1.67%
-21.70%
747.50
769.00
738.50
727,679
TGS
7,155
+1.49%
-19.12%
7,050
7,400
6,950
166,077
CEPU
1,810
+5.72%
-17.40%
1,712
1,816
1,690
1,230,080
MIRGOR
1,750
+2.34%
-92.15%
1,710
1,800
1,675
52,550
COME
32.10
+0.25%
-56.38%
32.02
33.50
31.80
3,760,551
LOMA NEGRA
2,898
+0.70%
-14.65%
2,878
2,928
2,855
301,046
BYMA
199.00
+0.00%
-30.32%
199.00
201.75
195.00
8,373,288
TELECOM ARG
3,530
+0.93%
-3.48%
3,498
3,580
3,335
84,398
GLOBANT
45.42
-0.72%
-25.63%
45.75
46.23
45.42
688,209
MERCADOLIBRE
1,491
+1.11%
-27.20%
1,475
1,497
1,463
578,219
03 Why it moved — reform hopes outweighed a hot inflation print
The first cause, with medium confidence, is a rebound in the Milei reform trade. Investors are betting that President Javier Milei’s push to privatise roads, loosen labour rules and open mining keeps moving.
The second cause, with medium confidence, is easing country risk. This gauge, published by JP Morgan, measures how much extra yield investors demand on Argentine dollar bonds over US Treasuries, and it fell to about 830 points after reaching a 2026 high of 925 on 5 November.
The third factor cuts the other way. INDEC, the national statistics office (indec.gob.ar), reported October inflation of 2.2% on the month, and the US 10-year Treasury yield stands at 5.14%. The RT economic calendar also shows the September wage index at 9,647.4, up 1.9% from 9,467.78 in August; no forecast was published.
Cross-asset check: the US dollar index is at 103.41, up 0.23%, the S&P 500 is down 0.40% and the VIX fear gauge is up 3.21% to 19.30. Oil, via the USO fund, slipped 0.34%. Most of these would normally hurt emerging markets, so the Argentine bounce looks driven by local factors, with medium confidence.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Banco Macro (BMA) | Turnover $6m | +3.2% | Most traded; large private bank |
| YPF (YPFD) | Turnover $6m | +1.8% | State-controlled oil and gas company |
| Grupo Galicia (GGAL) | Turnover $5m | +3.1% | Largest private bank holding group |
| Pampa Energía (PAMP) | Turnover $5m | +4.1% | Power and gas producer |
| Central Puerto (CEPU) | Turnover $1m | +5.7% | Power generator |
| Ternium Argentina (TXAR) | Turnover $1m | +8.7% | Steelmaker; biggest mover among the most traded |
| Cresud (CRES) | — | +8.6% | Farmland and property group |
| BYMA (BYMA) | Turnover $1m | −0.4% | The exchange operator itself |
Banks and energy dominated trading, which fits a market betting on reform. YPF, the energy company at the heart of the Vaca Muerta shale-oil story, gained 1.8% on turnover of $6m, matching Banco Macro for volume.
The few decliners were tiny: BYMA fell 0.4% and VALO, a local financial group, lost 0.2%. Cross-listed foreign shares such as Nvidia (−1.6%) and the Nasdaq tracker QQQ (−0.8%) are CEDEARs, Argentine-traded copies of US assets, and mainly follow the US market and the peso.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +0.66% |
| IPC | Mexico | −0.84% |
| IPSA | Chile | +0.34% |
| COLCAP | Colombia | — |
| S&P/BVL | Peru | — |
The latest settled board shows a mixed region. Argentina and Brazil led, with the Merval up 2.68% and the Ibovespa, Brazil’s main stock index, up 0.66%.
For Latin America, a steadier Argentina matters to Brazilian exporters and Chilean retailers who sell across the border. Peso weakness hurts their sales, so the live market board above carries the full closes.
06 The technical picture
The line to watch on the peso is 1,551, the 12-month dollar high set on 3 November. A close above it would mark the weakest peso of the past year, while 1,355, the April low, is far below and a distant floor.
For the stock market, the nearest reference point is the 5 November close of 84,595, after a 4.10% fall that day; Friday’s close of 84,704 sits just above it, so a close back below that level would undo the bounce.
History is not a forecast, and a one-day bounce in banks does not make a trend. A sustained fall in country risk below its 925 peak would be the cleaner confirmation.
07 What to watch
- Country risk: Whether the bond-spread gauge stays well below its 925 peak of 5 November; a re-widening would hit banks first.
- The peso at 1,551: A dollar above its 3 November high of 1,551 would signal fresh pressure on the currency.
- Inflation path: October inflation of 2.2% on the month keeps the central bank’s room for easing narrow.
- US bond yields: The 10-year Treasury at 5.14% draws money away from emerging markets, Argentina included.
Background: Argentina Debt Risk Falls, Shares Slip 1%.
Background: Argentina Debt Risk Falls After Holiday.
What Prediction Markets Say
Polymarket, where users bet real money, lists a market on Argentina’s annual inflation for 2026, with US$100,783 traded as of 7:45 p.m. ET, 13 November 2026. It prices a rate of 30.0% to 34.9% at 94.0%, 25% to 29.9% at 2.6% and 35% to 39.9% at 2.5%.
These prices are bets, not polls. They show traders see annual inflation ending 2026 in the low 30s.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
How did the Argentina stock market do on 13 November?
The Merval gained 2.68% to close at 84,704, as banks, power companies and Ternium Argentina rallied, while the peso held steady.
What happened to the Argentine peso?
The dollar closed at 1,544 pesos, down 0.11%. It is 0.5% below its 12-month high of 1,551 and 13.9% above its April low of 1,355.
What is country risk?
It is JP Morgan’s gauge of how much extra yield investors demand on Argentine dollar bonds over US Treasuries. It eased to about 830 points from a 2026 high of 925 on 5 November.
What should travellers and expats take from this?
The peso is relatively steady day to day but has weakened over the year. Check both the official and market rates before exchanging large sums.
Market data: The Rio Times; exchange figures from BYMA
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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