Argentina Markets: Merval & the Peso — September 2, 2026
Key Facts
- The Merval edged up 0.51% to 3,049,455 points, a second straight daily gain that kept the index near its recent upper range.
- The peso weakened modestly, with the US dollar settling at 1,513 pesos, up 0.27% on the day.
- Energy led the gains, with Pampa Energía adding 2.5% and YPF rising 1.2% on solid local turnover.
- Transportadora del Norte slumped 4.8%, the biggest local fall as investors took profits in one of the week’s hotter names.
- The market’s roughly 30% year-on-year jump shows the reform trade still trumps lingering currency and country-risk worries.
Today’s Focus
Argentina’s main stock gauge, the S&P Merval, closed up 0.51% at 3,049,455 points on September 1. It was the index’s second consecutive advance, a sign that local shares are still drawing buyers who believe President Javier Milei will keep inflation falling and public finances improving.
The peso told a slightly more cautious tale. The dollar ended at 1,513 pesos, up 0.27% daily, a modest slide that left the currency just below its 52-week low and inside the central bank’s wide managed band.
Energy led the rally. Pampa Energía jumped 2.5% and YPF added 1.2%, while Central Puerto rose 0.8% as investors kept rewarding the sector’s tariff normalisation and Vaca Muerta export potential.
Not every stock joined the party. Transportadora del Norte fell 4.8%, and two of the main private banks slipped, showing that some investors locked in gains even amid the reform optimism.
What matters today. Investors are still backing Argentine shares for the reform story, even as the peso drifts lower and global markets trade mixed.
01 The session in one read
The S&P Merval, the benchmark for shares traded in Buenos Aires, added 0.51% to finish Tuesday at 3,049,455 points. That marks a second straight gain and leaves local stocks near the top of their recent trading band.
The peso slipped, however. One US dollar bought 1,513 pesos by the close, a 0.27% daily rise that leaves it near the top of a year-long range of 1,330 to 1,514.
The split between rising stocks and a weakening currency is the Milei reform trade in a nutshell. Investors are paying up for Argentine shares tied to energy and infrastructure while still demanding a weak-peso hedge against stubborn inflation and fiscal risk.
Energy names did most of the lifting. Pampa Energía, an integrated power and gas company, rose 2.5%, and oil producer YPF climbed 1.2%.
The continued preference for energy stocks, combined with mild bank slippage, tells a coherent story: capital is chasing the local re-rating tied to Milei’s stabilisation and tariff agenda rather than betting on broad financial-sector upside. The peso’s gentle slide shows the currency remains the pressure valve for persistent dollar demand and elevated inflation expectations.
The variable to watch is how much longer local momentum can run before firmer evidence of a reserve build or a meaningful break in monthly inflation, around 1.6% in the latest government estimate, recalibrates the trade.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Merval | 3,049,455 | +0.51% | Second straight daily gain |
| USD/ARS | 1,513 | +0.27% | Peso near 52-week low |
| 52-week peso range | 1,330 – 1,514 | — | Currency under managed pressure |
| Key technical level | 2,991,150 | — | Session low; held throughout |
The Merval’s closing level just above 3.05 million keeps the index in the upper part of its recent range. The day’s low near 2.99 million was never seriously retested after the open.
The peso’s close at 1,513 is effectively a whisker from the weakest level of the past 52 weeks. That suggests dollar demand remains lively even as stocks trade well. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,049,455
+0.51%
+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 — energy bets and an inflation fall
Local strength centred on Vaca Muerta, the giant shale formation driving Argentina’s gas and oil export hopes. A Washington event featuring YPF’s president and Neuquén’s governor pushed that story back into the headlines.
The government is also guiding August inflation toward roughly 1.6%, which would be among the lowest monthly prints in years. Lower price growth supports the whole reform trade by easing pressure on households and local-currency assets.
Even so, banks were less convinced than power and oil firms. Banco Macro eased 0.9% and BBVA Argentina slipped 1%, a sign that financial-sector investors are waiting for clearer evidence of cleaner balance sheets and a real reserve build.
Global markets were subdued on the day; US stocks drifted lower with the S&P 500 down 0.71%. Argentina’s gains looked local, not borrowed from Wall Street.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Pampa Energía | +2.5% | +2.5% | Best large-cap local gainer |
| YPF | +1.2% | +1.2% | Turnover around $10m |
| Central Puerto | +0.8% | +0.8% | Power tariff tailwind |
| Transportadora del Norte | −4.8% | -4.8% | Gains locked in after hot run |
| Banco Macro | −0.9% | -0.9% | Financials lagged the rally |
YPF was the most traded local name with roughly $10m in turnover, followed by Grupo Galicia with about $8m. Volume was concentrated in the big energy and banking names, a typical pattern when foreign investors tweak Argentina exposure.
The fallers tell a story of rotation rather than panic. Transportadora del Norte’s 4.8% drop likely reflects investors cashing in after the gas logistics name had run hard in earlier sessions.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Merval | Argentina | +0.51% |
| COLCAP | Colombia | +1.86% |
| Ibovespa | Brazil | +1.30% |
| BVL Perú | Peru | +0.11% |
| IPC | Mexico | −0.82% |
Colombia’s COLCAP was the strongest regional benchmark with a 1.86% gain, while Brazil’s Ibovespa added 1.30%. Mexico’s IPC was the only laggard, falling 0.82%.
The broader Latin American pulse favouring stocks suggests shared optimism around stabilisation stories, though Argentina’s advance was more modest than Colombia’s or Brazil’s.
06 The technical picture
The Merval’s close at 3,049,455 points sits above the day’s midpoint and near the session high, a constructive short-term print. The index has now gained in two consecutive sessions after a flatter patch.
The one-year view remains the stronger signal. At roughly 30.5% above a year ago, the market is pricing in a long reform runway despite high sovereign spreads and a slipping peso.
07 What to watch
- August inflation print: A 1.6% monthly figure would validate the disinflation pillar of the reform trade and likely support local stocks.
- Peso and the 52-week high: Any test of 1,514 per dollar could push the currency to its weakest level in at least a year, adding FX worry to the stock rally.
- Vaca Muerta export progress: Yields and pipeline news will keep YPF and gas transporters in focus, especially after this week’s Washington energy event.
- US treasury yields: A sustained rise in the 10-year yield could pressure Argentine assets by lifting global funding costs and dollar demand.
Background: Argentina Markets Week: Wholesale Peso Crosses 1,500 as Stocks Rise.
Background: Argentina Rolls Over 96 Percent of Maturing Debt as Country Risk Eases to 509.
Frequently Asked Questions
What is the Merval?
It is the main stock-market index of Buenos Aires, tracking the largest and most-traded Argentine companies.
Why did the Merval rise while the peso fell?
Investors are treating local shares as a reform bet even as they hedge with dollars, pushing the peso lower.
What is the Milei reform trade?
It is the bet that President Javier Milei’s fiscal tightening, deregulation and tariff normalisation will make Argentine assets worth more over time.
Should I read the 0.51% gain as a big move?
It is modest on the day, but the index is still up about 30% over twelve months, showing the broader trend is positive.
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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