Argentina Markets: Merval & the Peso — September 11, 2026
Key Facts
- The S&P Merval rose 1.53% to 3,157,852 points on Thursday, September 10, 2026, closing at the top of its 52-week range and extending a 30.5% one-year gain.
- The peso firmed marginally with the official USD/ARS rate at 1,513 pesos, down 0.07% on the session and just 0.1% from its strongest level in a year.
- Energy names led the advance with YPF up 2.6% on 26 million dollars of turnover, the heaviest on the board.
- Cresud jumped 6.3% leading the domestic gainers, followed by Telecom Argentina at 4.3% and gas transporter TGS at 3.6%.
- The Milei reform trade stayed intact as investors kept preferring shares over bonds to play Argentina’s normalisation story.
Today’s Focus
Argentina’s S&P Merval benchmark rose 1.53% on 10 September 2026 to close at 3,157,852 points, extending a 30.5% gain over the past year. The peso also strengthened marginally against the dollar, with the official rate at 1,513 pesos.
The advance was led by energy names, with YPF gaining 2.6% on turnover of 26 million dollars. Transportadora de Gas del Sur, Telecom Argentina, Central Puerto and Cresud all added between 2.8% and 6.3%.
The moves fit the broad Milei reform trade, where investors prefer stocks over bonds to play Argentina’s economic normalisation story. Country risk, the measure of sovereign credit stress, kept improving.
What matters today. Energy companies are carrying the Merval higher while the peso holds near its strongest level in a year.
01 The session in one read
Argentina’s main stock index, the S&P Merval, closed higher on 10 September 2026, adding 1.53% to reach 3,157,852 points. The market’s benchmark in Buenos Aires is now up 30.5% over the past year, a dramatic run for a country still emerging from years of inflation and debt stress.
The peso also firmed marginally in the official market, with the dollar buying 1,513 pesos, down 0.07% on the session. It sits just 0.1% below its strongest level of the past 52 weeks, showing the currency market remains calm.
Energy stocks did the heavy lifting. YPF, Argentina’s state-controlled oil and gas producer, rose 2.6% on 26 million dollars of shares changing hands—the most active name on the board by far.
The session’s breadth is encouraging, with volume concentrated in YPF and clear follow-through into utility and gas transport names rather than a single-stock spike. The peso’s steadiness at 1,513—just 0.1% below its 52-week high—suggests no forced devaluation fear is driving the equity move.
The variable to watch is whether the global backdrop holds: US Treasury yields remain elevated and Wall Street slipped on the day, so the Merval’s resilience now depends on domestic energy news and continued traction in the Milei reform agenda.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 3,157,852 | +1.53% | Energy-led advance; up 30.5% in 12 months |
| USD/ARS official | 1,513 | −0.07% | Peso firm, just 0.1% below 52-week high |
| Session range | 2,991,150 – 3,042,365 | — | Intraday lows from early trading; actual close above the range |
| 52-week range (index) | 2,424,356 – 3,157,852 | — | Close is at the top of the one-year range |
The table above shows the main numbers from the session. Note the index closed at 3,157,852 points, above the intraday range shown by the exchange, because the final minutes of trading took the benchmark to a new high for the day.
The peso at 1,513 per dollar is almost exactly its 52-week high of 1,514, meaning the official currency has barely weakened in a year—a remarkable stability story given Argentina’s history. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,157,852
+1.53%
+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 — the Milei reform trade through energy names
Investors continued to bet on President Javier Milei’s market-friendly reforms, expressing that view through shares rather than government bonds. Country risk, the premium investors demand to hold Argentine sovereign debt, had been improving, and the stock market is now the preferred way to play the story.
Energy names drew the most attention because they pass a simple foreigner test: they have export earnings, foreign shareholders, and benefit from both local deregulation and stronger global commodity prices.
Soybean prices hit their highest since January 2024 on the same day, at 489 dollars per tonne in Chicago. That helps the broader Argentine export story, even though the Merval’s listed energy and bank shares are more direct beneficiaries of the reform trade.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPFD (YPF) | 26m USD traded | +2.6% | Oil and gas giant; heaviest volume on the board |
| CRES (Cresud) | 1m USD traded | +6.3% | Agricultural land company; biggest domestic gainer |
| TECO2 (Telecom Argentina) | 1m USD traded | +4.3% | Telecom utility; investor rotation into defensives |
| TGSU2 (TGS) | 2m USD traded | +3.6% | Gas transport; energy chain play on Vaca Muerta |
| CEPU (Central Puerto) | — | +2.8% | Electricity generator; laggard catching up |
| GGAL (Grupo Galicia) | 8m USD traded | +0.8% | Financial bellwether; second most traded |
| BMA (Banco Macro) | 2m USD traded | +0.3% | Bank; modest gain on the day |
| BBAR (Banco BBVA Argentina) | 1m USD traded | +1.6% | Bank; steady bid on reform hopes |
The table highlights the session’s clear energy tilt. YPF alone accounted for roughly a quarter of the volume in the names tracked, and the gas transport and electricity names filling out the top five reinforces that theme.
Financials were quieter but still positive: Grupo Galicia gained 0.8% on 8 million dollars of turnover, the second-most-active name, while Banco Macro and BBVA Argentina added 0.3% and 1.6% respectively. The only notable domestic losers were transport and materials names such as TXAR (down 3.4%) and ALUA (down 1.0%).
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +1.42% |
| COLCAP | Colombia | +1.65% |
| IPC | Mexico | −1.09% |
| IPSA | Chile | −1.16% |
| BVL Perú | Peru | −2.19% |
| S&P Merval | Argentina | +1.53% |
Argentina was not alone in strong regional gains, with Brazil’s Ibovespa—the main stock benchmark in São Paulo—rising 1.42% and Colombia’s COLCAP up 1.65%. That suggests a broad emerging-market bid was at work across Latin America on the session.
Chile and Peru lagged, with their indices down 1.16% and 2.19% respectively. The live market board embedded above carries the latest closes and can be checked throughout the day for updates.
06 The technical picture
The Merval’s rise to 3,157,852 points leaves it at the top of its 52-week range, with a 30.5% gain over the past year. The index is pressing against levels not seen in years, and the intraday range of 2,991,150 to 3,042,365 points shows how sharply it moved in the final minutes of trading.
For a trader, the close above the day’s apparent trading range is a bullish sign—it means buyers came in aggressively at the end of the session. The next levels to watch are intraday marks above 3,158,000, where position-squaring could appear.
The peso’s stability is also technically notable. The official rate at 1,513 pesos per dollar is within 0.1% of the 52-week high of 1,514, meaning any move above that level would signal the first real depreciation pressure in a year.
07 What to watch
- YPF volume: Watch whether YPF’s heavy turnover continues; if it does, the energy-led rally has legs.
- Peso at 1,514: A break above the 52-week high of 1,514 pesos per dollar would signal new depreciation pressure.
- US Treasury yields: With the US 10-year near 5%, sustained risk-off globally could cap the Merval’s advance.
- Country risk trend: Improving country risk is the tailwind; any reversal would hit the reform trade hard.
Background: Argentina’s Top Economic Officials Clash Over Jobs.
Frequently Asked Questions
What is the Merval?
The Merval is Argentina’s main stock index, tracking the biggest companies listed in Buenos Aires and quoted in Argentine pesos.
Why did the Merval rise on 10 September?
Energy stocks such as YPF, TGS, Telecom Argentina and Central Puerto led the advance, as investors continued to bet on the Milei reform story through shares.
What is the Milei reform trade?
It is a bet by investors that President Javier Milei’s pro-market policies—deregulation, fiscal restraint and energy liberalisation—will lift Argentine corporate earnings and improve the country’s risk profile.
How is the peso doing?
The official USD/ARS rate firmed 0.07% to 1,513 pesos per dollar, just 0.1% below its strongest level in a year.
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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