Buenos Aires, Dec 30 (Latest) .- The S&P Merval index of the leading stocks of the Buenos Aires Stock Exchange closed 2021 with positive returns that managed to beat the high inflation in Argentina, despite the strong fluctuations registered during the year in the investor humor.
The indicator accumulated in the year a rise of 63%, far exceeding the gains measured in local currency achieved last year, of 22.9%, and allowing an average return higher than the inflation index, which will close the year with an increase accumulated close to 50%.
Even measuring the performance of the leading panel in US dollars, after three consecutive years in decline the S&P Merval achieved a cumulative increase of 15.3% in 2021, notably improving its performance compared to the drop measured in US currency of 35% registered in 2020 .
Stock market performance was encouraged by the recovery of the Argentine economy after three years of severe recession that had left the prices of Argentine assets very depressed.
However, the behavior of the Argentine stock market throughout the year was at the mercy of the changing investor mood, affected by the news of a world that cannot leave behind the pandemic and its effects on the global economy and, domestically, conditioned due to the serious macroeconomic imbalances that persist in Argentina and the political tensions in 2021 that was marked by the reversal of the ruling party in the legislative elections of last November.
All in all, the Merval managed to reach a new all-time high this year, on November 8, when the index touched 96,044.88 points.
“After the Argentine economy registered a rebound after the crisis caused by the coronavirus pandemic in 2020, some companies have managed to recover more than others, in some cases, doubling their value in local currency in a matter of months,” he said. IOL Invertironline signature in a report.
Among the leading Argentine shares that appreciated the most this year are those of the steel conglomerate Ternium, whose shares accumulated a rise of almost 170% in 2021.
The papers of the Sociedad Comercial del Plata group, the manufacturer and distributor of electrical products Mirgor and the gas pipeline operator Transportadora Gas del Norte also achieved significant increases in value.
FIXED INCOME, LOOKING AT THE IMF
The IAMC bond index, an indicator that reflects the performance of the Argentine fixed income market, achieved a cumulative rise of 29.4% in the year, although, if the yield measured in dollars is calculated, the index fell by 8% in the year. ,3 %.