Argentina Markets: Merval & the Peso — September 23, 2026
Key Facts
- Merval holds below 3m, closing at 2,997,659.50 points, down 0.04% on the session as gains in gas utilities offset weakness elsewhere
- Bonds lead the retreat , with hard-dollar sovereigns down about 0.9% on average while YPF added 0.5%
- Gas names buck the trend, with Gas del Norte up 3.0% and Telecom Argentina up around 3%, limiting the broader decline
- Peso holds steady, with the official USD/ARS rate at 1,514, showing no move on the day and sitting at its 52-week high
- Country risk in focus, up 21 basis points to 555, its highest since May, as local media report Wall Street is split on Argentina’s macro path
Today’s Focus
Argentina’s S&P Merval, the benchmark stock index in Buenos Aires, finished Tuesday’s session at 2,997,659.50 points, down 0.04% and just below the psychologically important 3 million mark. The day’s range reflected a market that tried to hold the line early but gave way as trading wound down.
Sovereign dollar bonds were the clear drag, losing about 0.9% on average as investors weighed the outlook for energy investment and export financing. Country risk rose 21 basis points to 555, its highest level since May.
On the other side of the ledger, Gas del Norte climbed 3.0% and Telecom Argentina added about 3%, which kept the decline from broadening out. The split between energy laggards and utility gainers captured the day’s defensive tone.
The peso was unchanged at 1,514 per US dollar, according to the verified close, leaving it at the top of its 52-week range. The currency’s stability is one of the few things not being argued about in Buenos Aires right now.
What matters today. A near-flat Merval masked real divergence under the surface: bonds sold off and country risk rose while equities and the peso held firm.
01 The session in one read
The S&P Merval, Argentina’s main stock index measured in local pesos, ended Tuesday down 0.04% at 2,997,659.50 points, according to the exchange’s closing data. That left it just below the 3 million level that traders watch as a marker of confidence in the Milei reform trade.
The pressure came from the bond market rather than from equities. Hard-dollar sovereign bonds fell about 0.9% on average, and country risk climbed 21 basis points to 555. That is its highest level since May. Among shares, Cresud lost 2.7% and Globant 2.3%, while YPF added 0.5% on roughly $19m in turnover. But the market was not uniformly down: Gas del Norte jumped 3.0% and Telecom Argentina rose about 3%, suggesting investors were repositioning into regulated utility names rather than running for the exits.
The peso, trading through the official market, was unchanged at 1,514 per US dollar. That keeps the currency at the top of its 52-week range of 1,348 to 1,514 — a sign that the Government’s crawling-peg policy has so far kept the exchange rate remarkably stable even as other worry signals flash.
The session’s shape — a near-flat index with bonds under pressure — looks more like a sector rotation than a broad loss of confidence. The index barely moved on a day when country risk reached its highest level since May. That tells you equity holders absorbed the bond-market news. What to watch is whether the rise in country risk signals specific concern about energy export financing, given the Government’s planned US investment agreement around Vaca Muerta gas, or is simply profit-taking after a strong run.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval (Argentina) | 2,997,659.50 −0.04% | Below the 3m level, up 30.51% year on year | |
| USD/ARS (peso) | 1,514 | +0.00% | At 52-week high; full range 1,348–1,514 |
| S&P 500 | 7,765 | −0.00% | Near its 52-week high of 7,799 |
| VIX (fear gauge) | 14.21 | −4.44% | Low reading signals calm global backdrop |
| US 10-year yield | 4.967% | +0.08% | Still pressing the 5% level that worries emerging markets |
The table puts Argentina’s session in a global context. The Merval’s 0.04% dip was local — the S&P 500 was flat at 7,765 and the VIX, Wall Street’s fear gauge, actually dropped 4.44% to 14.21, meaning global investors were not suddenly risk-averse.
The peso’s absolute flatness at 1,514 stands out. In a year when the currency has moved only between 1,348 and 1,514, the bottom of the range is now a distant memory, which is exactly what the Government wants its inflation programme to show. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,997,659
-0.04%
+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
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$57.87
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03 Why it moved — energy caution meets utility rotation
The catalyst was not a single macro shock. It was the convergence of two local storylines: profit-taking in energy shares and a rotation into utilities that offer steadier, regulated returns.
YPF matters because the company is the single most liquid proxy for the Milei reform trade in Argentine equities. When foreign investors want exposure to the energy story, they buy YPF. Its heavy $19m turnover on a 0.5% gain shows positions being reshuffled rather than abandoned.
The backdrop is a market that has started to fret about country risk. Local reports say Argentina’s country risk — the premium investors demand to hold its debt — has risen about 35% in under three months, even as the Government argues it has the dollars to cover 2027 payments and is working on a US investment agreement around Vaca Muerta gas exports.
Wall Street is split. Some banks think the market has overreached on the negative side; others see genuine deterioration in the macro picture. Tuesday’s session captured that uncertainty without tipping into panic.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPF (YPFD) | up 0.5% +0.5% | Heaviest turnover, ~$19m; New York line closed at US$53.35 | |
| Central Puerto (CEPU) | down 2.4% | −2.4% | Electricity generator under pressure |
| Gas del Norte (TGNO4) | up 3.0% | +3.0% | Utility rotation supportive |
| Telecom Argentina | up ~3% | +3.0% | Defensive telecom bid |
| Grupo Galicia (GGAL) | down 0.3% | −0.3% | $6m traded; financials quiet |
The turnover figures tell the real story. YPF did roughly $19m in volume — three times the next name — while Gas del Norte made its gains on just $3m in trading. The heaviest money stayed in the energy complex.
Grupo Galicia, the big financial name, was barely changed at down 0.3% on $6m, which says the bank side of the reform trade was not where the day’s action concentrated. This was an energy-and-utilities session.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +0.44% |
| S&P/BMV IPC | Mexico | +0.17% |
| S&P IPSA | Chile | +0.61% |
| S&P Merval | Argentina | −0.04% |
| MSCI COLCAP | Colombia | +0.90% |
Argentina was the only major market in the region to fall on Tuesday, while Brazil’s Ibovespa — the biggest Latin American stock index — rose 0.44% and Colombia’s COLCAP added 0.90%. Chile’s IPSA gained 0.61%, making Argentina’s small decline the outlier rather than part of a regional risk-off wave.
For foreign investors comparing Andean and Atlantic exposures, Tuesday showed money still rotating within the region rather than leaving it altogether. Please check the live market board embedded above this piece for the freshest regional closes.
06 The technical picture
The Merval’s failure to hold the 3 million level for a clean session matters to chart-watchers. The number itself is psychological — it is a round barrier rather than a technical support — but losing it on a down day can feed momentum-selling in the next session.
The index is still up 30.51% from a year ago, which is a strong record, and it remains well within its broader uptrend. The immediate test is whether 3 million becomes resistance after being support, or whether the market recovers quickly as it did after past energy-led dips.
The session range of roughly 2.960 million to 3.013 million showed buyers briefly pushed above 3 million before the close slipped back below it. That overhead supply near 3.01 million is now the level to reclaim for the bulls.
07 What to watch
- Country risk trajectory: Whether the climb to 555 basis points stabilises or continues; it is now the market’s favourite anxiety gauge
- YPF and energy finance: The announced US-Argentina investment deal for gas exports could reset sentiment on YPF — watch for confirmation and scope
- Wall Street’s verdict: Banks are split on whether Argentina’s macro deterioration is real or overstated; the next big research notes will move money
- Peso at 52-week high: The crawling peg has held 1,514; any sign of a step change in the crawl would reprice every peso-denominated asset
Background: Argentina Inflation Falls to 1.7 Percent, Lowest in 14 Months.
Frequently Asked Questions
What is the Merval?
The Merval is Argentina’s main stock index, tracking the largest and most traded companies listed on the Buenos Aires exchange. It is quoted in Argentine pesos.
Did YPF fall? No. YPF added 0.5% in Buenos Aires on 22 September, and its New York shares closed at US$53.35, up 0.32%.
The pressure that day came from sovereign bonds, not from energy equities.
Is the peso stable?
Yes. The official USD/ARS rate was 1,514 on September 22, unchanged on the day and at the top of its 52-week range of 1,348 to 1,514 under the crawling-peg regime.
What does country risk mean for stocks?
Country risk measures the premium investors demand to hold Argentina’s debt. It has risen 35% in under three months, which makes equity investors more cautious despite the strong year-on-year gain in the Merval.
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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