Argentina Markets: Merval & the Peso — September 9, 2026

01 The session in one read

Argentina’s S&P Merval — the main stock index quoted in pesos — rose 1.36% on Tuesday, closing at 3,075,981.76 points. That extends the recovery from a thin Monday session, when the index had slipped about half a per cent.

The wholesale peso ended at ARS 1,512 per US dollar, weaker by 50 centavos, while the parallel rate held at 1,545. The central bank bought US$20 million and reserves stood at US$50.732 billion. A stable peso matters here because it underpins the case for holding peso-denominated stocks.

The day’s buying clustered around banks and energy. Banco Macro, Argentina’s largest locally owned bank, added 2.4%, while Pampa Energía, a power and gas group, rose 2.0%.

The mood was helped by fresh evidence that inflation is cooling fast. Buenos Aires city consumer prices rose just 1.7% in August, down from 2.9% in July — a preview of the national figure due Thursday.

02 The day’s numbers

The Merval’s close at 3,075,982 points left it about 9% below its 52-week high. The index finished near the top of Tuesday’s range — roughly 84% of the day’s span — which is a sign of buying pressure into the close.

The peso’s near-flat finish at 1,512 per dollar stands out because it barely moved even as the US dollar index slipped 0.41% against major currencies. In Argentina, the peso trades within a controlled band rather than floating freely.

03 Why it moved — cooling inflation keeps the reform trade alive

The clearest local catalyst was a sharp drop in Buenos Aires city inflation, which fell to 1.7% in August from 2.9% in July. Restaurants, hotels and clothing led the slowdown, while rents and fruit prices pushed the other way.

Investors read the city number as a reliable preview of the national inflation report due on Thursday. If the national print also comes in around 1.7%, it would reinforce the government’s claim that its austerity and deregulation agenda is working.

Economy Minister Luis Caputo appeared at a university event and ruled out any ‘plan platita’ — a colloquial term for handing out money before an election. He defended the fiscal surplus, which markets see as a cornerstone of Argentina’s stabilisation.

The Milei reform trade is really a bet on normalisation: falling inflation, a stable peso and a smaller state. Tuesday’s session showed that bet is still drawing buyers, particularly in banks and energy companies that benefit most from a less distorted economy.

04 The day’s movers

The most-traded local name was Grupo Galicia, a major Argentine banking group, with turnover of around $6 million in its Buenos Aires listing. Banco Macro and Pampa Energía were the standouts in percentage terms among large names.

On the losing side, Loma Negra — Argentina’s big cement producer — dropped 2.4%. It was the weakest domestic stock of the session, a possible sign of rotation out of construction-linked names.

Cross-listed CEDEARs, which track foreign shares, told a different story. Vista Energy, an Argentine oil producer listed locally as a CEDEAR, rose 3.3%, but moves in these instruments mainly reflect the US tape and the peso’s stability, not domestic fundamentals.

05 The regional scoreboard

Argentina led the region alongside Peru, whose BVL index gained 1.05%. Brazil’s Ibovespa — the main stock index of Latin America’s largest economy — added 1.20% on the day.

Mexico’s IPC rose a more modest 0.44%, while Colombia’s COLCAP was nearly flat at +0.15%. A live whole-market board above this section carries the closing levels for all regional indices.

06 The technical picture

The Merval’s close of 3,075,982 points put it about 9% below its 52-week high. Traders often watch that gap as the next big test — a break above the prior peak would signal broad confidence, while a stall could invite profit-taking.

The index finished near the day’s high, which is a constructive sign. It suggests buyers were still active into the close rather than waiting for a cheaper entry.

In the currency market, the peso’s stability just below its 52-week high of 1,514 per dollar is a key support for equities. A breach of that level could signal renewed pressure on the exchange rate, which would hurt peso assets across the board.

07 What to watch

• National inflation (Thursday): The national print is expected around 1.7% monthly, down from 2.1%. A lower figure would validate the rally; a higher one could hit banks and consumer stocks.
• Peso vs 52-week high: USD/ARS is 0.2% below its annual high of 1,514. A push above that level could shake confidence in the stabilisation plan.
• Banco Macro and Galicia turnover: Banking shares have led the rally. Sustained volume in these names would signal conviction, while fading turnover might hint at a pause.
• US dollar and rate backdrop: The US dollar index slipped on Tuesday. A further fall could ease pressure on emerging currencies, but rising US yields remain a headwind.

Background: Argentina’s Top Economic Officials Clash Over Jobs.

Background: Argentina Markets Week: Wholesale Peso Crosses 1,500 as Stocks Rise.

Frequently Asked Questions

What is the S&P Merval?

It is Argentina’s main stock index, quoted in pesos. It tracks the largest and most traded companies on the Buenos Aires exchange.

Why did the Merval rise on September 8?

Investors bought banking and energy shares after Buenos Aires city inflation slowed to 1.7% in August, reinforcing the government’s stabilisation story.

What happened to the Argentine peso?

The wholesale rate ended at about 1,512 per US dollar and the parallel rate at 1,545. Country risk closed at 494 basis points.

What is the Milei reform trade?

It is a bet that President Javier Milei’s austerity and deregulation will lower inflation, shrink the state and lift the value of Argentine stocks and bonds.

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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