Argentina Markets: Merval & the Peso — September 10, 2026
Key Facts
- Merval closes higher, adding 1.11% to 3,110,163 points, with advancing stocks outnumbering decliners.
- YPF leads the charge, jumping 3.6% on US$17m in turnover after securing US$1.2bn in fresh Wall Street debt.
- Banks follow the energy rally, with Banco Macro up 1.8% and Grupo Galicia adding 1.0% as the reform trade regains momentum.
- The peso slips, easing 0.13% to 1,514 per dollar, though it remains near its 52-week high of 1,514.
- Country risk frames the move, with the Merval trading about 9% below its own 52-week peak despite a 30.5% year-on-year climb.
Today’s Focus
Argentina’s S&P Merval index gained 1.11% to close at 3,110,163 points, extending its year-on-year climb past 30%. The advance came even as the US S&P 500 slipped 0.48%, a sign that local drivers — not the global tape — set the tone.
YPF, the state-linked oil and gas major, was the standout. The stock rose 3.6% with about US$17m in turnover, the heaviest volume on the Buenos Aires board, after the company placed US$1.2bn in Wall Street debt — more than double its original target.
Banks joined the energy-led push. Banco Macro added 1.8% and Grupo Galicia rose 1.0%, keeping the ‘Milei reform trade’ — the bet that President Javier Milei’s liberalising agenda will stabilise the economy — firmly in play.
The peso eased 0.13% to 1,514 per dollar. That is a gentle drift, not a break: the exchange rate sits right at its 52-week top, underlining the tension between equity optimism and currency fragility.
What matters today. Energy debt deals and bank strength carried the Merval higher, but the peso and country risk keep the rally honest.
01 The session in one read
Trade date: Wednesday 9 September 2026.
Argentina’s S&P Merval — the main Buenos Aires stock index, quoted in pesos — rose 1.11% to 3,110,163 points. That left the benchmark about 9% below its 52-week high but still showing a 30.5% gain over the past year.
YPF, the state-linked oil and gas giant, powered the advance with a 3.6% jump and the session’s heaviest turnover. The move came after the company raised US$1.2bn in fresh international debt, more than twice its original target.
The peso slipped 0.13% to 1,514 per US dollar in the official wholesale market. That keeps the exchange rate exactly at its 52-week peak, a reminder of the currency pressure behind Argentina’s equity gains.
The session had the classic shape of the Milei trade: local energy and financial shares climbing on reform bets, even as the peso slipped and global equities cooled. YPF’s oversized debt placement is a genuine confidence signal — international investors are lending to an Argentine energy story, not just buying its equity. Yet the Merval remains roughly 9% below its 52-week high, and the peso’s position at the top of its range shows the currency remains the market’s main vulnerability. Watch YPF and bank volume as the tell for whether this rally broadens or fades.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 3,110,163 | +1.11% | Peso-denominated equities, energy-led |
| Session range | 2,991,150 / 3,042,365 | — | Wide intraday swing, closed near top |
| USD/ARS | 1,514 | +0.13% | Peso eases to 52-week high |
| 52-week position | ~9% below high | +30.5% YoY | Strong trend, room to run |
The Merval’s closing level of 3,110,163 points masks a choppy session: the index traded as low as 3,110,163 before buyers stepped in. The close near the upper end of the day’s range suggests momentum remains with the bulls.
The peso’s move was far calmer. A 0.13% slip to 1,514 per dollar shows the central bank keeping a tight leash on the official rate, even as parallel markets often tell a different story for everyday Argentines. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,110,163
+1.11%
+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
Live Company IntelligenceYPF Sociedad Anonima — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$22.8252-wk high
$57.49
Revenue trend · 6y
Ownership
Dividend
03 Why it moved — YPF debt deal and the Milei trade
The clearest driver was YPF. The Clarín newspaper reported the oil major secured US$1.2bn in international bond markets, more than double its stated target of US$500m, letting it push out part of its debt maturities.
That matters for the whole board. When a heavyweight like YPF borrows comfortably abroad, it signals foreign investors see value — and stability — in Argentina’s energy sector.
Banks followed because the Milei reform trade links them directly to economic normalisation. Lower inflation, easier credit and a steadier peso would all feed bank earnings, and traders bought that story hard on Tuesday.
Country risk — the premium investors demand to hold Argentine assets rather than safer ones — remains high, but this session showed that when a flagship company prints a deal, the market is ready to reward it.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPF (state-linked oil & gas) | +3.6% | US$17m traded | Debt deal power fuels biggest volume |
| Banco Macro (retail bank) | +1.8% | US$1m traded | Milei trade bank proxy |
| Grupo Galicia (private bank) | +1.0% | US$6m traded | Second-largest turnover |
| Pampa Energía (power holding) | +0.0% | US$2m traded | Flat despite energy strength |
| Central Puerto (power generator) | +0.4% | US$1m traded | Modest advance |
| Transportadora Gas del Sur (TGS) | +1.0% | US$2m traded | Piped-gas play joins rise |
| Ternium Argentina (steel) | −0.6% | US$1m traded | Lone notable decliner |
YPF dominated the ticket: its 3.6% rise came on US$17m in turnover, far above any other stock on the scan. Grupo Galicia was next at US$6m, rising 1.0%.
The breadth was narrower than the headline suggests. The benchmark’s advance was led by a cluster of large, liquid names, while smaller and mid-cap shares barely moved — a sign of concentrated, conviction-driven buying rather than a broad-market re-rating.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P Merval | Argentina | +1.11% |
| COLCAP | Colombia | +0.57% |
| BVL Perú | Peru | +0.76% |
| Ibovespa | Brazil | −0.93% |
| IPC | Mexico | −0.06% |
| IPSA | Chile | −0.39% |
Argentina outperformed every major Latin American market on the day. While the Merval added 1.11%, Brazil’s Ibovespa fell 0.93% and Mexico’s IPC eased 0.06%.
Peru’s BVL index rose 0.76% and Colombia’s COLCAP gained 0.57%, leaving Argentina at the top of a mixed regional table. The live whole-market board above carries the most recent closes for every index.
06 The technical picture
The Merval is knocking on the 3.10–3.11 million band, which the Rio Times market board flags as near-term resistance. Tuesday’s close right at 3,110,163 puts the index exactly at that pivot.
A daily range that stretched from 2,991,150 to 3,042,365 shows the benchmark remains volatile inside its upward trend. Buyers absorbed the early dip and carried the index to a positive close, a technically constructive sign.
The bigger reference point remains the 52-week high, roughly 9% above current levels. If the Merval can clear 3.11 million decisively, the next objective would be to test that prior peak, but thin breadth argues for watching bank and energy volume closely.
07 What to watch
- YPF follow-through: Whether the oil major’s debt-fueled rally extends into another session and pulls the broader energy complex higher
- Peso stability at 1,514: A break above the 52-week high could signal renewed inflation pressure and rattle the equity trade
- Bank turnover: Sustained volume in Banco Macro and Galicia would confirm genuine institutional buying on the reform thesis
- Country-risk sentiment: Any signal on Argentina’s sovereign spreads could shift the frame from ‘high risk, high reward’ back to caution
Background: Argentina’s Top Economic Officials Clash Over Jobs.
Frequently Asked Questions
What is the S&P Merval?
It is Argentina’s main stock index, quoted in pesos, tracking the largest and most-traded companies on the Buenos Aires exchange.
Why did YPF rally?
YPF rose 3.6% after securing US$1.2bn in international debt, more than double its target, allowing it to stretch out bond maturities.
What is the Milei reform trade?
It is the bet that President Javier Milei’s fiscal discipline and liberalising agenda will lower inflation, steady the peso and boost Argentine company earnings.
How does the peso closing at 1,514 per dollar matter?
The official rate sits at its 52-week high, meaning the peso is at its weakest official level in a year, even as equities rally.
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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