Argentina Stocks Jump 4.4% as Banks Rally | Argentina Market Report, Oct 23
Key Facts
- Argentina’s main stock index, the MSCI Merval, jumped 4.4% to 102,278 points in pesos, led by banks and energy shares.
- Argentine shares in New York surged: Banco Macro 4.9%, Grupo Galicia 5.0%, Vista Energy 6.0% and YPF 3.1%.
- Country risk, the extra yield investors demand on Argentine bonds, stayed above 700 points near its highest in a year.
- The official wholesale dollar edged up 0.1% to 1,529.50 pesos a record high in nominal terms.
- Prediction markets: Polymarket gives 55.0% to October inflation of 1.6% to 1.8% (US$21,243 traded; 8:52 pm ET, 23 October).
Today’s Focus
Argentine stocks rallied on Friday, 23 October, even as the cost of insuring the country’s debt kept climbing. The MSCI Merval, which tracks Buenos Aires’ biggest companies, rose 4.4% in pesos to 102,278 points, according to Infobae.
In New York, Argentine bank and energy shares gained between 2% and 7%. The country-risk gauge, a measure of the extra yield on Argentine bonds over US Treasuries, stayed above 700 points.
What matters today. Stocks rebounded sharply from Thursday’s fall, but rising country risk shows that bond investors remain wary.
01 The session in one read
Argentina’s main stock index jumped 4.4% on Friday to 102,278 points, recovering and extending the ground lost on Thursday, when it fell 1.5% to 97,993. The index is now published as the MSCI Merval, so older S&P Merval levels are not comparable.
Banks led the rally. Banco Macro, Grupo Galicia and Banco BBVA’s local unit rose between 4.9% and 5.4% in New York, and Supervielle gained 7.0%.
The mood in bonds was different. Sovereign dollar bonds fell by about 0.2% on average, and country risk, the extra yield on Argentine bonds, stayed above 700 points, near 710 by some measures and its highest in about a year.
Stocks and bonds sent different signals. Equity investors bought banks and energy shares after a sharp fall, while bond investors kept demanding a higher premium to hold Argentine debt.
The gap matters because the funding cost of the government and companies depends on the bond market. Watch whether country risk stays above 700 on Monday.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| MSCI Merval | 102,278 | +4.4% | Rebound from Thursday’s 1.5% fall |
| Wholesale dollar (ARS per US$) | 1,529.50 | +0.1% | New nominal high |
| Dollar at Banco Nación (retail) | 1,550 | Retail selling price | |
| Argentina fund (ARGT, New York) | US$87.08 | +1.57% | Dollar-based view of Argentine stocks |
| Country risk (extra bond yield) | about 710 points | Highest in about a year |
The blue-market dollar sold at 1,565 pesos, about 2.3% above the wholesale rate.
That gap between official and parallel rates is a rough gauge of confidence in the currency. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,017,221
—
+30.51%
3,022,485
3,042,365
2,991,150
—
USD/ARS
1,493
+0.10%
+12.96%
1,491
1,494
1,480
—
YPF
7,810
+0.26%
+72.84%
7,790
7,850
7,600
1,763,858
GGAL
6,980
-0.78%
+1.82%
7,035
7,115
6,920
1,564,062
PAMPA
5,115
+0.69%
+26.70%
5,080
5,140
5,000
721,190
TXAR
747.50
-2.35%
+18.67%
765.50
770.00
742.50
771,892
ALUAR
938.00
-1.21%
+29.83%
949.50
951.00
932.50
135,426
TGS
8,870
-0.17%
+15.05%
8,885
9,075
8,720
143,546
CEPU
2,156
+1.84%
+28.36%
2,117
2,165
2,086
404,146
MIRGOR
1,650
-1.20%
-92.90%
1,670
1,670
1,635
20,877
COME
40.93
-0.73%
-30.47%
41.23
41.60
40.50
4,258,884
LOMA NEGRA
3,130
+0.08%
+5.80%
3,128
3,205
3,090
182,992
BYMA
275.00
-1.70%
+35.14%
279.75
282.50
272.00
1,409,575
TELECOM ARG
4,233
-0.70%
+55.19%
4,263
4,335
4,160
31,896
GLOBANT
38.10
-2.26%
-49.65%
38.98
38.70
36.77
793,552
MERCADOLIBRE
1,870
-3.59%
-20.71%
1,940
1,927
1,870
329,640
03 Why it moved: a rebound in banks and energy
Shares of Argentine companies listed in New York rose sharply on Friday, reversing Thursday’s slide. Vista Energy rose 6.0%, YPF 3.1%, Pampa Energía 2.1% and Central Puerto 2.8%.
Bank shares rose most as a group. Banco Macro gained 4.9%, Galicia 5.0%, BBVA Argentina 5.4% and Supervielle 7.0%.
Country risk rose despite the stock rally. Rising risk premia raise the cost of borrowing for the government and for businesses, which is why local analysts watch the 700-point level closely.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo Galicia (GGAL, New York) | US$37.91 | +4.96% | Largest private bank group |
| Banco Macro (BMA, New York) | US$66.04 | +4.91% | Bank rallies |
| Vista Energy (VIST, New York) | US$74.84 | +5.99% | Vaca Muerta oil producer |
| YPF (YPF, New York) | US$50.68 | +3.07% | State-linked oil company |
| Pampa Energía (PAM, New York) | US$79.50 | +2.05% | Power and gas |
| Central Puerto (CEPU, New York) | US$12.10 | +2.80% | Power generator |
The table uses closing prices of Argentine companies listed in New York, which are verified end-of-day prices. All six names ended higher.
Banks and energy groups led the rebound.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| MSCI Merval | Argentina | +4.4% |
| Ibovespa | Brazil | +0.47% |
| S&P/BMV IPC | Mexico | −0.30% |
| S&P IPSA | Chile | −0.31% |
| COLCAP | Colombia | +0.44% |
Argentina was the best-performing market in the region on Friday, ahead of Brazil and Colombia. Mexico and Chile ended slightly lower.
The size of Argentina’s move reflects its rebound from a fall, not a change in the trend.
06 The technical picture
The MSCI Merval closed at 102,278 after 97,993 on Thursday. A close above Friday’s level would suggest that the rebound is holding.
For the dollar, the wholesale rate at 1,529.50 is a record in nominal terms. The gap with the 1,565 blue rate is the figure to watch.
07 What to watch
- Country risk: A move well above 710 points would show growing stress in bond markets.
- Wholesale dollar: Whether the official rate keeps rising from 1,529.50.
- Banks: Whether the sector holds Friday’s gains.
- Inflation: INDEC’s October inflation report, due in November, is the next big data point.
What Prediction Markets Say
Polymarket, a crypto-based prediction market, gives 55.0% to Argentina’s October monthly inflation coming in between 1.6% and 1.8%, 34.0% to 1.9% to 2.1%, and 3.7% to 2.2% to 2.4%. About US$21,243 has been traded on the contract (read 8:52 pm ET, 23 October 2026).
These prices are bets, not official forecasts.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
Background: Argentina Stocks Fall 1.5% as Risk Rises.
Background: Argentina Stocks Rise as Banks Jump.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Merval?
Argentina’s main stock index. It tracks the largest and most traded companies on the Buenos Aires exchange.
What is country risk?
The extra yield investors demand to hold Argentine dollar bonds instead of US Treasuries, measured in basis points (0.01 percentage points). On Friday it was above 700 and near 710 by some measures.
Why did Argentine stocks jump on Friday?
Banks and energy companies rebounded after Thursday’s fall, with several New York-listed shares up more than 5%.
What is the official dollar rate?
The wholesale rate was 1,529.50 pesos per US dollar, and the retail rate at Banco Nación was 1,550.
Market data: RT; Merval close from Rava Bursátil; country risk and exchange rates from Infobae; prediction market prices from Polymarket
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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