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Argentine Energy Stocks Surge by 14% on Wall Street Following Tariff Adjustment

Despite the global economic downturn, the Buenos Aires stock market started the month with a slight decline. However, the recent gas tariff adjustment provided a boost to the sector, with Transportadora de Gas del Sur ADR rising almost 14% in New York. The positive momentum extended to banking stocks listed on Wall Street, with BBVA ADR advancing 7.4%, and Macro and Supervielle adding 6% and 5% respectively.

Economist Gustavo Ber explained that while expectations of lower rates are diminishing, Wall Street is seeking a respite after recent cautionary rounds. ADRs are reflecting this more positive sentiment in the US while the local market is playing catch up after multiple holidays. In the local square, energy stocks saw notable performance, with Central Puerto, Edesur, and Gas Natural Ban all benefiting from the gas rate adjustments.

PPI reported that the new rate tables for gas transportation and distribution companies were published, allowing for monthly updates starting in May based on an automatic formula. This increase in rates, expected by companies, aims to rebuild profitability in a sector that has been heavily impacted in recent years. On the bond side, Argentine debt is moving in a mixed direction this month, with the country risk worsening by 0.8% and returning to 1,451 points.

In order for the global rally to be sustained

By Samantha Jones

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