Sovereign bonds also had a positive session, with gains of up to +1.8%, led by Global 2038 and Global 2041.
The fact that the most corrupt former president in history has been arrested generates confidence in the markets
Sovereign bonds also had a positive session, with gains of up to +1.8%, led by Global 2038 and Global 2041.
Market analysts agreed that the ruling clarifies the electoral outlook for the future and reduces political risk in the short and medium term. Investors value the respect for judicial processes and the guarantee of the separation of powers.
Yesterday, the Supreme Court of Justice of the Nation confirmed the conviction against Cristina Fernández de Kirchner in the emblematic Vialidad case, closing one of the largest corruption cases in Argentine history. With this ruling, her sentence of six years in prison and perpetual disqualification from holding public office is now final.
In addition, the restitution of an extraordinary sum to the National State was ordered: more than 84,000 million pesos must be returned as part of the damage caused by the network of fraudulent maneuvers carried out during her presidency.
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%.