Investor doubts after Vicentin effect


Before it was announced that YPF Agro would manage Vicentín, the oil company’s shares were already on the podium of the day’s winners on the local stock exchange

Driven by international optimism, Argentine stocks flew on Monday. All the main panel papers ended the day on positive ground and there were several that recorded jumps greater than 10% and the S&P Merval index gained 8.3% on day.

The Argentine actions lived a true party on the first day of the week. Even without agreement with creditors, local papers showed increases of up to 13%.

The auctions were headed by Telecom (+ 13.9%), Edenor (+ 13.1%), YPF (+ 11.5%) and Grupo Financiero Galicia (10.3%).

All the actions of the main panel closed the day with increases, which reached 14%

“Shares continue to rise despite the negative forecast by the World Bank in which it expressed that the country will fall 7.3% in 2020. However, the market is driven by international positivism and for the progress in negotiations with creditors, “said Joaquín Candia, analyst at Rava Bursátil.

Along the same lines, Portfolio Personal Inversiones affirmed that, with the rise of this Monday, the S&P Merval continues “in maximum levels and above pre-STEP (always measured in pesos) and is located today at 48,800 / 48,900 points “.

And I add: “Measured in dollars, the index broke the ceiling of 400 points, closing this Monday at 420 with an improvement of around 7%.

Vicentín's controller will be Ricardo Delgado (left), as announced by the Minister of Production, Matías Kulfas, and the president, Alberto Fernández

The controller of Vicentín will be Gabriel Delgado (left), as announced by the Minister of Production, Matías Kulfas, and the president, Alberto Fernández

Optimism came from international markets. “On the external front, the main American stock markets closed with increases of more than 1.2%, driven once again by rising normalization expectations in the economy after the measures taken in the wake of the Covid-19 pandemic, “SBS noted in its daily report.

On Wall Street, locally-sourced stocks caught on with excitement and also posted sharp gains.

The YPF’s ADR was the one that rose the most, with an advance of 14.5%. It was followed by Telecom (+ 14.2%), Edenor (+ 13.3%), Central Puerto (+ 12.5%) and Grupo Supervielle (+ 12.3%).

Vicentin and the expectation about YPF

Undoubtedly, the news of the day was on announcement of ransom and impending expropriation of the Vicentin cereal factory, which took place almost at the close of the market. From now on, the company will begin to be managed by YPF Agro.

In this framework, iProfesional asked if the escalation of the role of YPF had to do with that news. The oil company action Not only was it among the biggest hikes of the day in Buenos Aires and New York, but continued to rise after the market closed.

However, Leonardo Chialva, a partner at Delphos Investment, ruled out having anything to do with the news. “It’s still everything a rally supported by external sources. Brazil and all emerging countries in the same line. There are Brazilian companies that today rose 30%. In addition, the Fed announced broader liquidity lines for companies … The global liquidity party continues“he explained.

For his part, Mauro Mazza, of Bull Market Broker, said that “something could have leaked” and anticipated that YPF Agro will now have more prominence in the state company.

From the rescue announced today, YPF agro will control Vicentín

From the rescue announced today, YPF agro will control the cereal factory Vicentín

YPF Agro is more than the oil company. It makes more money, it is more profitable and independent. All these qualities arise from the fact that does not have a monopoly in that business segment but is one more competitor that complements the agricultural sector. Now it will have another leading role, “said Mazza, who compared the news with the creation of Enarsa, in 2007, for the oil and gas sector.

The Doubts between the investors now pass in case the state oil company will have to take care of the Vicentin’s millionaire debts, something that was not clear in the explanation given by Alberto Fernández this afternoon.

Other creditors include Banco Nación and BICE among the main ones. Leaders of the opposition and the agricultural sector they harshly criticized the decision official.

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