Argentina Markets: Merval & the Peso — August 25, 2026
Key Facts
- Merval closes at 2,995,129, a gain of 2.81% on the session led by a rebound in bank shares ahead of a heavy Treasury peso-debt auction.
- The wholesale dollar closed at a record 1,510 pesos, up 11 pesos on the session up 0.67% on the day, setting a new nominal record as importers and savers sought dollars.
- Supervielle led, with Grupo Galicia, Banco Macro and BBVA’s local arm close behind with gains of 5.0%, 5.4% and 5.1% respectively on heavy local turnover.
- Country risk fell for a second straight session to 509 points a reminder that the debt calendar — not just the equity tape — is setting the price.
- The move came as foreign investors rotated back into Argentine financials seeing value in banks most exposed to a successful rollover of the Treasury’s peso maturities.
Today’s Focus
The Merval, Argentina’s main stock index, closed up 2.81% at 2,995,129 on Monday, snapping a stretch of caution that had pushed the index down sharply over the past month.
Banks were the clear leaders: Grupo Galicia rose 5.0%, Banco Macro added 5.4%, and BBVA Argentina gained 5.1%, with turnover in Galicia alone reaching US$18 million.
The dollar rose 0.7% to 1,510 pesos, at an all-time nominal high, while country risk—a measure of how much extra yield investors demand to hold Argentine debt—closed at 509 points, down from 535 on Thursday.
The session showed money returning to the Milei reform trade, but with one eye still on politics.
What matters today. Investors piled back into Argentine bank stocks ahead of a critical peso-debt auction.
01 The session in one read
The Merval, Argentina’s benchmark stock index, climbed 2.81% on Monday to close at 2,995,129 points, its strongest single-day advance in weeks.
The rally was led by banks—the classic proxy for Argentina’s economic reform story—with Grupo Galicia, Banco Macro and BBVA Argentina all gaining more than 5%.
The peso, meanwhile, slipped to 1,510 per US dollar, up 0.67% on the day and sitting at an all-time nominal high, a sign that demand for dollars remains firm even as equities rebound.
Country risk, a gauge of how nervous investors are about Argentina’s finances, eased to 509 points, keeping the session from being a full-throated vote of confidence.
The evidence points to a tactical rotation rather than a wholesale change in mood: the Merval’s 2.81% gain on Monday only partially unwinds a monthly decline of nearly 9%, and country risk, though down to 509 points, still prices fiscal uncertainty.
Bank shares—most sensitive to local interest rates and sovereign risk—led the rebound, which suggests traders are positioning for a clean debt rollover rather than acting on new fundamental news.
The variable to watch is whether Tuesday brings follow-through buying in the same financial names, or a quick fade as the peso’s 52-week high and a heavy local bond maturity later in the week test nerves.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Merval index | 2,995,129 | +2.81% | Strongest session in weeks |
| USD/ARS (peso) | 1,510 | +0.67% | At an all-time nominal high; dollar demand persists |
| 52-week Merval range | — | — | Still well below its level of a month ago |
| Country risk | >500 points | — | Elevated; political caution remains priced in |
The Merval’s 2.81% gain lifted it back toward the 3 million mark, but the index remains well below where it stood a month ago — a reminder that Monday’s rally was a strong step, not a full recovery.
The peso at 1,510 per dollar is at an all-time nominal high, confirming that while stocks were bid, local savers and importers were still seeking dollar cover.
A live market board is embedded above for real-time updates; the figures here reflect Monday’s verified close.
Live Market IntelligenceArgentina — Live Market Board
Rio Times · Live Market Intelligence
Argentina — Live Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| MERVAL | 2,832,472 | +0.00% | +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 lead the Milei reform trade
The clearest driver on Monday was money rotating back into Argentine banks, the sector most exposed to the Milei government’s deregulation and fiscal agenda.
Grupo Galicia and Banco Macro—two of the country’s largest private banks—jumped more than 5%, while BBVA Argentina added 5.1% on solid local turnover.
Local media noted investors are positioning ahead of a Treasury auction that must refinance roughly 14 trillion pesos (about US$9.3 billion) in maturities, with the market pushing for tenors beyond the 2027 elections.
Yet the move wasn’t universal: energy and utility names lagged, and YPF gained just 0.3%, suggesting this was a targeted financial-sector rally rather than a broad risk-on wave.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo Galicia (GGAL) | US$18m turnover | +5.0% | Most-traded bank; leads financial rebound |
| Banco Macro (BMA) | US$4m turnover | +5.4% | Top large-cap bank gainer |
| BBVA Argentina (BBAR) | US$2m turnover | +5.1% | Strong session on modest volume |
| Supervielle (SUPV) | US$2m turnover | +8.3% | Biggest domestic gainer of the day |
| MetroGas (METR) | US$1m turnover | −1.5% | Rare decliner; utility lagged the rally |
| YPF (YPFD) | US$13m turnover | +0.3% | Heavy volume but flat move; energy lagged banks |
Supervielle was the standout, surging 8.3% on relatively thin turnover of US$2 million—a sign of how quickly momentum can build in smaller financial names.
MetroGas and Ternium were the day’s decliners among the most-traded names, slipping 1.5% as utilities failed to attract the same buying interest as banks.
Cedears—local certificates representing foreign shares like Apple or Nvidia—moved mainly with their US listings and the exchange rate, not with domestic fundamentals.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Merval | Argentina | +2.81% |
| Ibovespa | Brazil | +0.51% |
| IPC | Mexico | +0.57% |
| IPSA | Chile | +1.76% |
| COLCAP | Colombia | +2.09% |
Argentina’s Merval was the strongest major Latin American index on Monday, outpacing Chile’s IPSA (+1.76%) and Colombia’s COLCAP (+2.09%), though the Colombian gain was nearly as sharp.
Brazil’s Ibovespa, the region’s largest market, rose a modest 0.51%, while Mexico’s IPC added 0.06%—a reminder that Monday’s fire was concentrated in the Southern Cone.
The live market board above carries real-time closes for all regional indices.
06 The technical picture
The Merval’s close at 2,995,129 leaves it just below the psychologically important 3 million level, which also coincides with technical resistance from earlier in the year.
A close above that mark on Tuesday would open the door to a retest of the monthly high, while failure to hold Monday’s gains could signal that the rally was little more than a bear-market bounce.
The dollar at a record high is a technical and political signal: sustained demand for dollars at these levels could force the central bank to defend the floor on local rates.
For traders, the key level is simple—3 million on the Merval, and 1,510 on the dollar.
07 What to watch
- Merval above 3 million: A close above this psychological and technical level would confirm Monday’s bank-led rally has legs.
- Peso holding at 1,510: If the dollar breaks higher, expect pressure on bonds and country risk to resume.
- Bank volume follow-through: Heavy turnover in Galicia and Macro on Tuesday would suggest institutional, not just retail, buying.
- Treasury auction: The auction result and the size of the rollover are the near-term repricing risk.
Background: Argentina Public Works Funds: US$3 Billion Held Back.
Background: Milei Economic Model Shows Signs of Strain in Argentina.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Merval?
The Merval is Argentina’s main stock index, tracking the largest companies listed on the Buenos Aires exchange, including banks, energy firms and utilities.
Why did banks lead the rally?
Banks are the most direct play on Argentine interest rates and the Milei government’s deregulation push, so traders bought them as a bet on the Treasury clearing its peso maturities.
Why is the dollar at a record high?
The dollar’s rise to 1,510 pesos reflects steady local demand for dollars from importers and savers, even as stocks rebounded.
What does country risk above 500 mean?
Country risk measures the extra yield investors demand to hold Argentine debt instead of US Treasuries; above 500 points signals lingering doubts about Argentina’s ability to pay.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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