The market reacted positively to Manuel Adorni's huge victory, the candidate of President Javier Milei
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While the main Wall Street indices are down by up to 0.6% toward 12:30 PM, the S&P Merval of the Buenos Aires Stock Exchange advances by 2.7%, reaching 2,380,000 points, following the victory of La Libertad Avanza, the party of President Javier Milei, in the Buenos Aires elections.
Regarding the ADRs and shares of Argentine companies trading in dollars on Wall Street, increases predominate. Banco Supervielle leads the rise with an increase of 6.6%, followed by Edenor (+5.8%) and Telecom (+5.5%).
“The nationalization of the election, where the local Buenos Aires agenda was mostly absent from the debate, allowed the national government to appear strong and gain momentum ahead of the upcoming elections in the province of Buenos Aires and nationally in September and October", they noted from Max Capital,
"Adorni celebrated the victory alongside President Milei and all the national ministers, including the Minister of Economy and the Minister of Deregulation, once again highlighting the national relevance of this election”, they added.
Aumentan los depósitos en dólares por la confianza en Milei
“Javier Milei wins in Capital and the bullish predisposition of the Merval skyrockets. The Stock Exchange was already in pole position for the 'bullish continuity.' Definitely, it now leaves behind the very prolonged corrective adjustment that trapped us for five months. Although before, it had to validate and consolidate the floor of the main trend that emerged in the accelerated bullish wave that started from the October 2022 lows to the present”, explained Jorge Fedio, technical analyst at Clave Bursátil.
Meanwhile, sovereign bonds in dollars —both Bonares and Globals— register significant increases, with an average advance of 1.5%.
Javier Milei y Manuel Adorni.
Manuel Adorni's victory in CABA
Yesterday, following the publication of the official results, La Libertad Avanza swept the legislative elections in the City of Buenos Aires. According to the data, the force led by President Javier Milei, with his spokesperson Manuel Adorni as the top candidate, achieved 30.10% of the votes, far above the other political parties.
In second place is Peronism, which had the radical Leandro Santoro as its candidate, with 27.42%. Further behind is PRO, which presented national deputy Silvia Lospennato, with just over 15%, far from the top two positions. Additionally, it failed to win any commune.
The official results represent the first and most critical fall of PRO in the City after two decades, while they boost Milei's Government ahead of the legislative elections in the province of Buenos Aires and the national elections in October.
