President-elect Javier Milei, the right-wing libertarian candidate of the Liberty Advances coalition, has just won the Argentine presidential election. In a post-election speech, he pledged to revitalize the ailing economy and reform state-owned companies. The stock market took notice, with YPF seeing its New York-listed shares spike more than 40% on Monday. The stock hovered at $14.90, up 38.82% on that same day.

Milei’s victory has also led to gains in other Argentina-related equities, including Grupo Financiero Galicia, Banco Macro, and the Global X MSCI Argentina ETF. With his commitment to ending “the model of decadence” and promoting the use of the US dollar domestically, investors will be closely watching Milei’s economic plan and how it affects exchange rates between the peso and dollar.

During his campaign, Milei expressed a desire to privatize YPF, which is likely to have an impact on share prices in the future. However, he also stated that his administration will “create value” for companies to be sold beneficially for Argentines. It remains to be seen what this means for investors and markets moving forward.