The ratification by the Supreme Court of Justice of the Nation of the sentence of six years in prison and perpetual disqualification from holding public office against the corrupt former president Cristina Fernández de Kirchner caused a strong positive impact on Argentine financial markets.
Country risk fell to 655 basis points, the lowest level in more than two years. The news was interpreted as a firm step toward institutional strengthening and political predictability, following the ratification of the sentence against a former president who had presented herself as a candidate for the upcoming elections, generating fear among investors.
The S&P Merval index rose by 4.3% in its peso version, while the Merval in dollars grew by 4.7%, surpassing 1,845 points. Leading Argentine stocks also made significant gains on the New York Stock Exchange.
Among the most notable increases was YPF, which climbed +7.7% on Wall Street, Telecom Argentina, with a rise of +6.8%, Transportadora de Gas del Norte, which advanced +5.9%, and Banco Galicia, which gained +5.3%.
