Argentina's Merval jumps 2.8% as peso steadies and bond risk falls

The Buenos Aires stock market (Merval) closed about 2.8% higher, its strongest performance in over a week, on a thin‑volume bridge‑holiday session. Gains were driven by financial and energy stocks, with ADRs of Grupo Galicia, Banco Macro and Central Puerto rising between 5.8% and 9% in New York. Domestic trading was limited to YPF and Pampa Energía, which both fell.

Country risk continued its decline, approaching the 400‑basis‑point floor – the lowest level since 2018 – and sovereign bond spreads narrowed, marking a new eight‑year low. The Argentine peso held near 1,488 per US dollar, while the official retail dollar rate fell to about 1,510. The euro rose to roughly 1,842 per dollar and the euro blue to 1,865. Gold prices were largely unchanged.

Overall, the rally reflects the impact of Economy Minister Luis Caputo’s 2026‑2027 financing plan, which has been re‑rating Argentine credit and supporting equity gains.