Argentina Markets: Merval & the Peso — August 26, 2026
Key Facts
- The Merval closed up 0.8% at 3,009,029 points, a third straight session of gains for Argentina’s main stock index.
- The wholesale peso edged to 1,512 per US dollar, a new nominal record for the exchange rate as the managed crawl continues.
- Transener jumped 5.8% and Transportadora de Gas del Norte rose 3.3%, leading a board where banks also advanced.
- YPF fell 2.1% after a fatal accident at its Rincón del Mangrullo block in Vaca Muerta, with oil prices sliding as well.
- The index dipped below 3,000,000 intraday but recovered, keeping the psychological support level intact at the close.
Today’s Focus
Argentina’s benchmark S&P Merval rose 0.8% on Tuesday, closing at 3,009,029 points. The gain extended a three-session winning streak for the Buenos Aires stock exchange’s main index — and it came after the market briefly dipped below the 3 million mark during the day.
Utilities and energy-transport names led the advance, with Transener up 5.8% and Transportadora de Gas del Norte up 3.3%. Bank Supervielle added 2.9%, keeping financial shares near the front of the reform trade.
The peso weakened marginally, with the wholesale exchange rate finishing at 1,512 per US dollar, from 1,510 on Monday. That is a fresh nominal record, though the daily moves remain small and controlled.
YPF was the notable laggard, falling 2.1% after a fatal accident at its Rincón del Mangrullo block in the Vaca Muerta shale formation, on a day when cheaper oil also weighed on energy names across the region.
What matters today. The session showed the market defending the 3 million line even with its heaviest energy name under pressure — a sign the local bid is broadening beyond banks.
01 The session in one read
Argentina’s S&P Merval — the main stock index tracking the largest companies in Buenos Aires — climbed 0.8% on Tuesday, closing at 3,009,029 points. It was the third consecutive day of gains, and the index had to work for it: prices fell below 3 million points intraday before buyers stepped back in.
Utilities and pipelines drove the advance. Transener, the electricity transmission firm, jumped 5.8%, while gas transporter Transportadora de Gas del Norte rose 3.3%. Supervielle, a mid-sized bank, added 2.9% as financial shares kept their place in the leadership group.
The mood was not universal. YPF, the state-controlled energy producer, fell 2.1% after a worker died in an accident at its Rincón del Mangrullo block in Vaca Muerta. A drop of almost 4% in global oil prices added pressure on energy names across the region.
The peso slipped marginally to 1,512 per US dollar in wholesale trading. That continued the gradual, managed depreciation that has defined the currency for months — a slow crawl, not a sudden drop.
The evidence points to a market still supported by local risk appetite, with gains spreading from banks into utilities and energy-transport names. The peso’s move to 1,512 is in line with the crawling-peg rhythm seen for months, not a flare-up. The crucial variable to watch is whether the Merval can keep holding above 3,000,000 points — it survived one intraday test on Tuesday, and a decisive break below would signal fading confidence.
03 Why it moved — utilities join the bank-led trade
The Milei reform narrative has been the engine behind Argentina’s stock market for much of the past year. Investors have rewarded banks and brokers most directly, since they stand to gain first if inflation keeps cooling and credit markets reopen.
Tuesday’s move showed the theme intact — and broadening. Transener’s 5.8% jump and Transportadora de Gas del Norte’s 3.3% rise suggest buyers are extending the stabilisation trade into regulated utilities and energy infrastructure, not just financials.
Argentine shares listed in New York told the same story. Corporación América’s stock rose 4.1%, Supervielle gained 2.7%, MercadoLibre added 2.5% and Tenaris 2.2%, while energy names fell with oil: Vista dropped 3.1%, YPF 2.5% and Adecoagro 2.1%.
YPF’s decline was the main counterweight at home. The fatal accident at Rincón del Mangrullo, confirmed on Tuesday, landed on the same day as a near 4% slide in crude prices — a reminder that company-specific risk and commodity swings can override the sector trend.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Transener (TRAN) | Session’s top gainer | +5.8% | Electricity transmission leads the board |
| Trans. de Gas del Norte (TGNO4) | Gainer | +3.3% | Pipeline operator joins the advance |
| Supervielle (SUPV) | Gainer | +2.9% | Banks stay in the leadership group |
| YPF (YPFD) | Top loser | −2.1% | Fatal accident at Vaca Muerta block; oil slid |
| Pampa Energía (PAMP) | Loser | −1.2% | Energy names weighed down by crude |
| Comercial del Plata (COME) | Loser | −0.3% | Holding company edged lower |
The leadership told a constructive story. The two best performers — Transener and Transportadora de Gas del Norte — are regulated infrastructure names, exactly the kind of domestic assets that benefit when investors believe inflation and rates will keep falling.
Among the New York-listed Argentine names, the split was sharp. Airport operator Corporación América jumped 4.1%, while oil-linked names sank with crude, Vista losing 3.1% and YPF 2.5%. That divergence confirms Tuesday’s energy weakness was about oil and the YPF accident, not about Argentina itself.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +1.55% |
| IPC | Mexico | +0.79% |
| S&P Merval | Argentina | +0.8% |
| IPSA | Chile | −0.8% |
Latin America’s large markets mostly rose. Brazil’s Ibovespa — the region’s biggest stock index — jumped 1.55%, Argentina’s Merval added about 0.8%, and Mexico’s IPC gained 0.79%.
Only Chile’s IPSA fell, dropping 0.8% as its lithium heavyweight SQM slid. Argentina’s gain therefore sat comfortably in the middle of a broadly firmer regional session.
06 The technical picture
The Merval’s day range — from a low of 2,958,710 to a high of 3,011,850 — shows it broke below the 3 million support line intraday before recovering to close near the high. Reclaiming the level the same day is the stronger version of the pattern: it shows buyers are willing to defend the round number.
The peso’s position at a fresh nominal record means foreign investors in dollar terms are not capturing the full local-currency rally. The dollar-measured Merval, up 1.0% at 1,888.92, is the cleaner gauge of what an overseas holder actually earned on Tuesday.
For the near term, the level to watch remains 3 million points. If the index consolidates above it, the advance is likely to broaden beyond banks into utilities and energy infrastructure. If it fails decisively, expect fast selling in the most crowded financial names as investors lock in profits.
07 What to watch
- Merval 3 million support: Tuesday’s intraday break and recovery was the first real test; a decisive close below would change the short-term picture.
- YPF after the accident: How the company responds operationally at Rincón del Mangrullo — and whether oil stabilises — will shape the energy block.
- Country risk above 510: A further rise in the bond-risk premium would eventually spill over into share prices.
- Peso crawl pace: The move to 1,512 kept daily depreciation small; any acceleration would force foreign investors to hedge more aggressively.
Background: Argentina Public Works Funds: US$3 Billion Held Back.
Background: Milei Economic Model Shows Signs of Strain in Argentina.
Frequently Asked Questions
What is the S&P Merval?
Argentina’s main stock index, tracking the largest and most-traded companies listed on the Buenos Aires exchange, measured in Argentine pesos.
Why did the Merval rise?
Utilities, pipelines and banks led the advance — Transener jumped 5.8% and Supervielle rose 2.9% — pushing the index up 0.8% to 3,009,029 points.
Why did YPF fall?
A fatal accident at YPF’s Rincón del Mangrullo block in Vaca Muerta, confirmed on Tuesday, sent the stock down 2.1% on a day when global oil prices also slid.
What does the peso move mean?
The wholesale exchange rate edged to 1,512 per dollar from 1,510, a new nominal record — but the daily moves remain small under the central bank’s managed crawl.
Merval — Market data: RT; exchange figures from BYMA; session reports: Ámbito; FX: BCRA wholesale, 25 Aug.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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