Argentine stocks fell and dollar bonds rose on Thursday, April 9, amid doubts about the sustainability of the US-Iran truce. ADRs posted losses of up to 5.5%, as oil prices neared US$100 per barrel again. Wall Street also closed lower.
The S&P Merval closed down 0.4% at 2,999,607.52 points in pesos and 0.3% at 2,030.38 points in dollars. It had risen 1.3% and 1.7% in the previous session. In the leader panel, standout declines included Sociedad Comercial del Plata (-7%), Edenor (-5.1%), and Transportadora de Gas del Norte (-4%).
Argentine ADRs on Wall Street fell up to 5.5%, with Edenor (-5.5%), Cresud (-3.7%), and Transportadora de Gas del Sur (-2.9%). Dollar bonds rose up to 1.2%, led by Bonar 2041, Global 2041, and Global 2046 (+1.1%). Country risk dropped 2.3% to 557 basis points.
US President Donald Trump stated on social media that American forces would remain in the Gulf until a definitive agreement, or otherwise "shots will begin, bigger, better, and stronger than ever." This fueled tensions, with oil rebounding 3% due to risks in the Strait of Hormuz.
Bautista Aboy of Mills Capital commented on the previous day's rebound after the truce: “WTI oil plunged 14% [...] global stocks rebounded 3%.” He warned of fragility from the Lebanon conflict and ambiguities in Ormuz. The official dollar closed at $1,355/$1,405 at Banco Nación, wholesale at $1,381, and blue at $1,370/$1,390.
