Country risk rose to 512 points while the Merval advanced 0.46%

Argentina's country risk climbed to 512 basis points at the close of trading, up three units from the previous day. The JP Morgan index rose 0.59% and accumulated an increase of nearly 100 basis points during August.

By contrast, the S&P Merval reversed its initial decline and closed with a gain of 0.46%. Transener led the most liquid stocks, up 3.90%, followed by Grupo Supervielle, Transportadora de Gas del Norte and Grupo Financiero Galicia. On the opposite end, BYMA fell 1.89%, YPF dropped 1.83% and Pampa Energía lost 0.77%.

Argentine ADRs trading on Wall Street mostly posted gains. Grupo Supervielle rose 2.69%, Grupo Financiero Galicia gained 1.73% and Banco Macro advanced 1.46%. YPF led the declines, falling 2.48%, while Pampa Energía and Transportadora de Gas del Sur also closed in negative territory.

Dollar-denominated sovereign debt closed with limited variations and mixed performance. Among the Global bonds, the GD29, GD30 and GD35 finished with slight gains, while the GD38, GD41 and GD46 posted declines. Bonds under Argentine law also showed a combination of gains and losses. Yields on the Globals ranged between 8.1% and 9.8%, and several Bonares exceeded 10%.

The market traded cautiously amid pressure on the dollar, reduced peso liquidity and expectations ahead of the upcoming Treasury auction. The local market moved against the trend of emerging markets, despite the decline in U.S. bond yields and the recovery on Wall Street.

In New York, the Nasdaq Composite rose 0.66%, the S&P 500 gained 0.30% and the Dow Jones advanced 0.30%. Nvidia climbed 2.17% ahead of releasing its quarterly results, while AMD and Micron rose 4.91% and 2.42%, respectively. The yield on the 10-year U.S. Treasury note fell to 4.639%.

With information from El Cronista — Mining.