Argentina Markets: Merval & the Peso — July 15, 2026
- — Argentina’s S&P Merval eased 0.30% on Tuesday, closing at 3,229,323 points in pesos.
- — Utility Metrogas (METR) jumped 5.5%, but exchange operator BYMA fell 2.4%.
- — Energy names held up, with YPF (YPFD) up 0.8% and the gas transporters higher.
- — The peso firmed, with the dollar down 0.84% to about 1,470.
- — The index is consolidating just below record territory.
Argentina’s S&P Merval eased 0.30% on Tuesday to close at 3,229,323 in pesos, a shallow pullback from record territory even as the peso firmed against a softer dollar.
The session in one read
The Merval slipped 0.30% on Tuesday to 3,229,323 points, giving back a fraction of its recent gains. After a strong run into record territory, a modest pullback on steady volumes looked more like consolidation than a change in direction, particularly with the peso firming.
The internals were mixed rather than weak: gas and energy names led while the financial exchange and some banks lagged. YPF, the bellwether, held modestly higher.
The day’s numbers
| Instrument | Level | Change |
|---|---|---|
| S&P Merval | 3,229,323 | −0.30% |
| S&P 500 | 7,544 | +0.38% |
| USD/ARS | 1,470 | −0.84% |
Live Market IntelligenceArgentina — Live Market Board
Rio Times · Live Market Intelligence
Argentina — Live Market Board
-0.30%
176,641.10
+0.51%
66,529.27
+0.85%
11,024.10
+1.05%
3,229,323
-0.30%
2,298.73
-0.39%
56,428.20
—
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| MERVAL | 3,229,323 | -0.30% | +56.46% | 3,280,224 | — | — | — |
| USD/ARS | 1,470 | -0.88% | +14.93% | 1,483 | 1,482 | 1,469 | — |
| YPF | 77,775 | +0.78% | +92.75% | 77,175 | 78,700 | 76,750 | 237,768 |
| GGAL | 7,910 | -2.10% | +30.10% | 8,080 | 8,270 | 7,895 | 2,087,000 |
| PAMPA | 5,230 | +0.10% | +41.16% | 5,225 | 5,295 | 5,170 | 645,385 |
| TXAR | 665.00 | +0.08% | +0.61% | 664.50 | 670.00 | 660.00 | 576,585 |
| ALUAR | 949.00 | -1.61% | +30.18% | 964.50 | 972.00 | 945.00 | 408,208 |
| TGS | 9,710 | +1.46% | +47.79% | 9,570 | 9,750 | 9,510 | 163,101 |
| CEPU | 2,327 | +0.35% | +61.60% | 2,319 | 2,336 | 2,291 | 620,768 |
| MIRGOR | 16,750 | -1.47% | -20.80% | 17,000 | 17,025 | 16,700 | 548 |
| COME | 45.75 | +2.17% | -12.05% | 44.78 | 46.00 | 44.75 | 4,960,206 |
| LOMA NEGRA | 3,540 | +1.22% | +28.69% | 3,498 | 3,580 | 3,465 | 201,745 |
| BYMA | 302.50 | -1.87% | +56.77% | 308.25 | 310.00 | 300.00 | 10,902,463 |
| TELECOM ARG | 4,333 | +1.94% | +96.04% | 4,250 | 4,348 | 4,180 | 294,621 |
| GLOBANT | 30.92 | -3.74% | -62.51% | 32.12 | 32.20 | 30.00 | 1,609,308 |
| MERCADOLIBRE | 1,874 | +0.35% | -21.59% | 1,867 | 1,896 | 1,842 | 397,757 |
The day’s movers
| Stock | Move | Turnover / note |
|---|---|---|
| Metrogas (METR) | +5.5% | Top gainer, utilities |
| Telecom (TECO2) | +1.9% | Telecoms firm |
| TGN / TGS | +1.5% | Gas transporters rise |
| YPF (YPFD) | +0.8% | Energy bellwether |
| BYMA | −2.4% | Exchange operator lags |
The spread between the energy gainers and the financial laggards captured a session of rotation rather than a broad move in either direction.
Why it moved
Argentine equities have rallied hard on optimism around the government’s reform agenda and falling inflation, and after that kind of run, shallow pullbacks are normal as investors lock in gains. Nothing on Tuesday pointed to a change in the underlying story; the move was small and came against a supportive currency backdrop.
The currency
The peso strengthened, with the dollar easing 0.84% to about 1,470, near the top of its 52-week range. A firmer currency is part of the broader disinflation narrative that has underpinned the Merval’s advance and kept the day’s equity losses contained.
The technical picture
At roughly 3.23 million points, the Merval is consolidating just below its recent record levels. The trend remains higher; holding above the recent breakout zone keeps the technical picture constructive, while the pace of the rally makes occasional pauses likely.
What to watch next
The direction of the reform agenda, the inflation trajectory and country risk still matter more than any single session for Argentine assets, and will decide whether the Merval breaks to new highs.
The read for investors
The Merval’s run has been built on disinflation and the promise of reform, and the peso’s steady firming is the clearest market signal that the disinflation story remains intact. A 0.30% pullback near record highs changes none of that; it is the kind of pause that tends to punctuate a strong trend rather than end it. The risk, as always in Argentina, is political and fiscal rather than technical, and it is there — not in any single session — that the next big move will be decided.
Reported for The Rio Times — Argentina market wrap. Filed Wednesday, July 15, 2026. Figures: EODHD end-of-day.
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