Argentina Markets: Merval & the Peso — August 29, 2026
Key Facts
- —The Merval closed at 2,979,472 points, down 0.72% as heavyweight bank stocks extended an August slide that has cost Grupo Galicia some 12%.
- —Grupo Galicia fell 1.0% and was the most-traded local share with US$6 million changing hands, leading the financials lower.
- —YPF slipped 0.6% but remained among the session’s busiest stocks with US$6 million in turnover as energy names cushioned the decline.
- —The wholesale peso held at 1,512 per US dollar, unchanged on the day and sat just 0.1% from 1,514 pesos per dollar, the weakest the peso has been in a year.
- —The 52-week range for the Merval is 1,312 to 1,514 putting the currency and equities near the top of their recent trading bands.
Today’s Focus
Argentina’s S&P Merval — the Buenos Aires stock index tracking the country’s biggest listed companies — fell 0.72% to 2,979,472 points on Friday, as the country’s big banks extended their August decline.
Grupo Galicia, the private-sector lender, dropped 1.0% with US$6 million in turnover, the session’s heaviest trading. Banco Macro eked out a 0.1% gain.
YPF, the state-linked oil producer, slipped 0.6% but also saw US$6 million traded, showing energy names still drawing interest despite the wider pullback.
The wholesale peso was flat at 1,512 per US dollar, within a hair of its weakest level in a year, as local savers kept buying dollars at the fastest pace in nine months.
What matters today. Friday extended a month-long slide in bank shares, though it has not yet reversed the Milei reform trade — but the index’s failure to hold above 3 million points matters for near-term momentum.
01 The session in one read
Buenos Aires stocks took a breather on Friday, with the benchmark S&P Merval index — the yardstick for Argentina’s biggest listed companies — closing down 0.72% at 2,979,472 points. The dip extended a slide in the large private banks, which have led the index down since its July peak.
Grupo Galicia, one of the country’s most important lenders, was the day’s most active local share, falling 1.0% on US$6 million in turnover. That pullback outweighed a flat-to-slightly-up day for Banco Macro and BBVA Argentina.
The wholesale peso was unchanged on the day at 1,512 per US dollar, a touch off the 1,514 record set on Thursday. The retail official rate closed at 1,535 on Banco Nación’s board.
Local demand for dollars has picked up sharply, with Argentines buying US$3.319 billion in July alone, the most since last October’s legislative elections.
For foreign investors, the session read as a pause inside a longer rally: nothing broke, but nothing pushed the index through the psychologically important 3-million-point barrier either.
The evidence points to a healthy pause rather than a shift in sentiment. The Merval remains up sharply over the past year, but the currency is near its weakest level in a year, with dollar purchases by Argentines at a nine-month high and a Moody’s upgrade that lowered perceived default risk.
The retreat was concentrated in the banks that had led recent gains, while energy names held relatively firm. The variable to watch is whether the index can quickly reclaim the 3 million mark after failing to hold above it on Friday — a second session below that round level would suggest the profit-taking has further to run.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 2,979,472 | −0.72% | Profit-taking in bank shares; close just below 3 million |
| USD/ARS | 1,512 | +0.00% | Peso flat, 0.1% from its 52-week low |
| 52-week range | 1,312–1,514 | — | Peso near top; index still sharply higher year-on-year |
| Key technical level | 3,000,000 | — | Round-number resistance; index failed to hold above it |
The Merval’s 0.72% decline left the index just shy of the 3-million-point mark, a round figure that had acted as a short-term magnet in recent weeks. The close also sat below Thursday’s close of 3,001,209 points, confirming the index has lost a little altitude rather than crashed.
The peso’s stability at 1,512 per dollar is notable because it has barely budged while Argentines snap up foreign currency at the fastest pace in nine months. The 52-week range shows the peso has traded between 1,312 and 1,514, so Friday’s level is effectively the weakest it has been in a year. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,979,472
-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
03 Why it moved — banks take a breather, not a beating
The main driver was simple: Argentina’s big banks have been falling all month, and Friday brought no relief. Grupo Galicia’s 1.0% fall, on the heaviest turnover of the session, set the tone, with the financial sector dragging the broader index lower.
That retreat came even as the ‘Milei reform trade’ — the bet that President Javier Milei’s fiscal tightening and deregulation will steadily lower country risk — remained largely intact. A Moody’s rating upgrade, citing reduced default risk, has reinforced the longer-term case for Argentine assets.
But markets raise the bar after good news. With the index 12% below its July record, investors now want to see continued progress on reforms and macro stabilisation before pushing prices much higher.
Friday showed that without fresh catalysts, the banks at least were vulnerable to a pause.
Energy names provided a cushion: Pampa Energía slipped only 0.8% on US$3 million in volume, and YPF’s 0.6% decline on US$6 million in turnover showed sellers were far less aggressive there than in the lenders.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo Galicia (GGAL) | — | −1.0% | Most-traded name; US$6m turnover as banks led the decline |
| YPF (YPFD) | — | −0.6% | US$6m traded; oil producer held up better than banks |
| Pampa Energía (PAMP) | — | −0.8% | US$3m volume; diversified energy group slipped modestly |
| Banco Macro (BMA) | — | +0.1% | US$2m traded; bucked the bank-sector retreat |
| Central Puerto (CEPU) | — | −1.2% | Power generator among the session’s weaker energy names |
| Loma Negra (LOMA) | — | +1.2% | Cement maker was among the day’s few gainers |
The movers table tells a story of two sectors: banks and power generators carrying the red ink, while a handful of names — including Banco Macro and cement maker Loma Negra — defied the gravity. Loma Negra’s 1.2% gain made it the standout domestic performer, though on thinner volume of US$1 million.
Cross-listed CEDEARs — locally traded certificates that track foreign shares such as Nvidia and Meta — moved mainly with their home markets and the peso, not with Argentine fundamentals. Nvidia’s CEDEAR fell 4.4% while Google’s rose 2.1%, reflecting US tech moves rather than anything in Buenos Aires.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P Merval | Argentina | −0.72% |
| Ibovespa | Brazil | +0.30% |
| IPC | Mexico | −0.53% |
| IPSA | Chile | −0.22% |
| COLCAP | Colombia | −1.28% |
| BVL Perú | Peru | −1.40% |
Argentina’s decline sat in the middle of a mixed regional session. Brazil’s Ibovespa — the São Paulo benchmark — rose 0.30%, while Colombia’s COLCAP and Peru’s BVL both fell more than 1%, hit by their own local pressures and a firmer dollar.
The broader Latin American tape on Friday showed investors taking money off the table in some of the region’s smaller markets, even as Brazil managed a modest gain. In that context, Argentina’s 0.72% pullback looked like mild consolidation rather than a standout underperformance.
06 The technical picture
The Merval’s close at 2,979,472 leaves it just below the 3-million-point round barrier that had provided a short-term floor in recent sessions. The index’s failure to hold above that level on Friday means it now flips to short-term resistance.
The 52-week positioning remains strong: the equity benchmark is still sharply higher than a year ago, but the peso is within 0.1% of its weakest level in a year. Equities are well off their July peak and the currency sits at the bottom of its range.
For traders watching the tape, the immediate question is whether buyers step back in near the 2,979,000 close and push the index over 3 million again, or whether the profit-taking in banks extends into energy names next week.
A decisive reclaim of 3 million would reaffirm the rally’s vigour; a second consecutive close below it would signal the market is content to consolidate after a strong run.
07 What to watch
- Merval vs 3 million: Whether the index can reclaim the round-number 3,000,000 level after closing just below it on Friday.
- Bank-sector profit-taking: If Grupo Galicia and Banco Macro extend their retreat, the broader index could see deeper consolidation.
- Peso at 52-week low: The peso sits 0.1% from its weakest level in a year, with the heaviest local dollar purchases in nine months adding pressure.
- Milei reform progress: Any fresh signals on fiscal consolidation or deregulation could restart the rally in Argentine assets.
Background: Argentina Rolls Over 96 Percent of Maturing Debt as Country Risk Eases to 509.
Background: Argentina’s Merval Slips as Bank Stocks Retreat.
Frequently Asked Questions
What is the S&P Merval?
It’s Argentina’s benchmark stock index, tracking the largest and most liquid companies listed on the Buenos Aires stock exchange.
Why did the Merval fall on Friday?
The big private banks, led by Grupo Galicia, extended a decline that has run through August.
What happened to the peso?
The wholesale peso was flat at 1,512 per US dollar, unchanged from the prior session and near its weakest level in a year.
Is the Milei reform trade over?
No — Friday looked like a pause, not a reversal. The index is still sharply higher year on year, but it sits 12% below its July peak and the peso is at its weakest in a year.
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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