By The Rio Times | Created at 2026-08-25 07:01:39 | Updated at 2026-09-03 15:33:00
1 week ago
Key Facts
- Merval closes at 2,995,129, a gain of 2.81% on the session led by a powerful rebound in bank shares after weeks of election-driven caution.
- The peso weakened to 1,510 per dollar up 0.67% on the day, with the dollar at the top of its 52-week range as importers and savers sought dollars.
- Grupo Galicia, Banco Macro and BBVA’s local arm led the charge with gains of 5.0%, 5.4% and 5.1% respectively on heavy local turnover.
- Country risk climbed above 500 points a reminder that the political calendar—not just the equity tape—is now setting the price.
- The move came as foreign investors rotated back into Argentine financials seeing value in banks that would benefit most from any post-election clarity on the Milei reform agenda.
Today’s Focus
The Merval, Argentina’s main stock index, closed up 2.81% at 2,995,129 on Monday, snapping a stretch of election-driven caution that had pushed the index down nearly 9% over the past month.
Banks were the clear leaders: Grupo Galicia rose 5.0%, Banco Macro added 5.4%, and BBVA Argentina gained 5.1%, with turnover in Galicia alone reaching US$18 million.
The peso slipped 0.67% to 1,510 per dollar, its weakest level in a year, while country risk—a measure of how much extra yield investors demand to hold Argentine debt—sat above 500 points.
The session showed money returning to the Milei reform trade, but with one eye still on politics.
What matters today. Investors piled back into Argentine bank stocks, betting the reform agenda survives the upcoming elections.
01 The session in one read
The Merval, Argentina’s benchmark stock index, climbed 2.81% on Monday to close at 2,995,129 points, its strongest single-day advance in weeks.
The rally was led by banks—the classic proxy for Argentina’s economic reform story—with Grupo Galicia, Banco Macro and BBVA Argentina all gaining more than 5%.
The peso, meanwhile, slipped to 1,510 per US dollar, up 0.67% on the day and sitting at its weakest level of the past year, a sign that demand for dollars remains firm even as equities rebound.
Country risk, a gauge of how nervous investors are about Argentina’s finances, hovered above 500 points, keeping the session from being a full-throated vote of confidence.
Assessment — A rebound, not yet a regime shift MEDIUM
The evidence points to a tactical rotation rather than a wholesale change in mood: the Merval’s 2.81% gain on Monday only partially unwinds a monthly decline of nearly 9%, and country risk remains above 500 points, a level that still prices political and fiscal uncertainty.
Bank shares—most sensitive to local interest rates and sovereign risk—led the rebound, which suggests traders are positioning for a possible post-election clarity rather than acting on new fundamental news.
The variable to watch is whether Tuesday brings follow-through buying in the same financial names, or a quick fade as the peso’s 52-week low and a heavy local bond maturity later in the week test nerves.
02 The day’s numbers
| Merval index | 2,995,129 | +2.81% | Strongest session in weeks; 18 of 20 stocks rose |
| USD/ARS (peso) | 1,510 | +0.67% | At 52-week high; dollar demand persists |
| 52-week Merval range | — | — | Index still 8.79% below its monthly high |
| Country risk | >500 points | — | Elevated; political caution remains priced in |
The Merval’s 2.81% gain lifted it back toward the 3 million mark, but the index remains roughly 8.79% below where it stood a month ago—a reminder that Monday’s rally was a strong step, not a full recovery.
The peso at 1,510 per dollar is at its weakest in a year, confirming that while stocks were bid, local savers and importers were still seeking dollar cover.
A live market board is embedded above for real-time updates; the figures here reflect Monday’s verified close.
Live Market IntelligenceArgentina — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.
Rio Times · Live Market Intelligence
Argentina — Live Market Board
BYMA · Buenos Aires
Aug 25, 2026 · 03:47
S&P MERVAL · benchmark
2,995,129 +2.81%
L 2,991,150day rangeH 3,042,365
+30.51% over 12 months
Market breadth · 14 names
29% advancing
4 ▲ advancing10 declining ▼
Currencies, rates & key inputs
Sector heatmap · average move today
Utilities
+1.27%
PAMPA, CEPU
Materials
-0.57%
ALUAR, LOMA NEGRA
Telecom
-0.70%
TELECOM ARG
Financials
-1.07%
GGAL, COME, BYMA
Technology
-2.26%
GLOBANT
Consumer Disc.
-2.40%
MIRGOR, MERCADOLIBRE
Latin America scoreboard
IndexLastTodayStrength
IbovespaBrazil 171,906.72 +0.51%
S&P/BMV IPCMexico 66,105.23 +0.57%
S&P IPSAChile 11,537.98 +1.76%
S&P MERVALArgentina 2,995,129 +2.81%
MSCI COLCAPColombia 2,510.72 +2.09%
BVL S&P PerúPeru 60,222.25 -0.17%
Full instrument board
| MERVAL | 2,995,129 | +2.81% | +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 |
Largest moves today
MERCADOLIBRE 1,870 -3.59%
MERVAL 2,995,129 +2.81%
TXAR 747.50 -2.35%
GLOBANT 38.10 -2.26%
CEPU 2,156 +1.84%
BYMA 275.00 -1.70%
ALUAR 938.00 -1.21%
MIRGOR 1,650 -1.20%
The session read
The S&P MERVAL rose 2.81%, with breadth negative — 4 of 14 names higher. Utilities led, while Consumer Disc. lagged.
03 Why it moved — banks lead the Milei reform trade
The clearest driver on Monday was money rotating back into Argentine banks, the sector most exposed to the Milei government’s deregulation and fiscal agenda.
Grupo Galicia and Banco Macro—two of the country’s largest private banks—jumped more than 5%, while BBVA Argentina added 5.1% on solid local turnover.
Local media also noted that investors are positioning ahead of the coming elections, looking for sectors that would benefit fastest from policy continuity or a clear win for the reform coalition.
Yet the move wasn’t universal: energy and utility names lagged, and YPF gained just 0.3%, suggesting this was a targeted financial-sector rally rather than a broad risk-on wave.
04 The day’s movers
| Grupo Galicia (GGAL) | US$18m turnover | +5.0% | Most-traded bank; leads financial rebound |
| Banco Macro (BMA) | US$4m turnover | +5.4% | Top large-cap bank gainer |
| BBVA Argentina (BBAR) | US$2m turnover | +5.1% | Strong session on modest volume |
| Supervielle (SUPV) | US$2m turnover | +8.3% | Biggest domestic gainer of the day |
| MetroGas (METR) | US$1m turnover | −1.5% | Rare decliner; utility lagged the rally |
| YPF (YPFD) | US$13m turnover | +0.3% | Heavy volume but flat move; energy lagged banks |
Supervielle was the standout, surging 8.3% on relatively thin turnover of US$2 million—a sign of how quickly momentum can build in smaller financial names.
MetroGas was the lone meaningful decliner among the most-traded names, slipping 1.5% as utilities failed to attract the same buying interest as banks.
Cedears—local certificates representing foreign shares like Apple or Nvidia—moved mainly with their US listings and the exchange rate, not with domestic fundamentals.
05 The regional scoreboard
| Merval | Argentina | +2.81% |
| Ibovespa | Brazil | +0.51% |
| IPC | Mexico | +0.57% |
| IPSA | Chile | +1.76% |
| COLCAP | Colombia | +2.09% |
Argentina’s Merval was the strongest major Latin American index on Monday, outpacing Chile’s IPSA (+1.76%) and Colombia’s COLCAP (+2.09%), though the Colombian gain was nearly as sharp.
Brazil’s Ibovespa, the region’s largest market, rose a modest 0.51%, while Mexico’s IPC added 0.57%—a reminder that Monday’s fire was concentrated in the Southern Cone.
The live market board above carries real-time closes for all regional indices.
06 The technical picture
The Merval’s close at 2,995,129 leaves it just below the psychologically important 3 million level, which also coincides with technical resistance from earlier in the year.
A close above that mark on Tuesday would open the door to a retest of the monthly high, while failure to hold Monday’s gains could signal that the rally was little more than a bear-market bounce.
The peso at its weakest level in a year is a technical and political signal: sustained demand for dollars at these levels could force the central bank to defend the floor on local rates.
For traders, the key level is simple—3 million on the Merval, and 1,510 on the dollar.
07 What to watch
- Merval above 3 million: A close above this psychological and technical level would confirm Monday’s bank-led rally has legs.
- Peso holding at 1,510: If the dollar breaks higher, expect pressure on bonds and country risk to resume.
- Bank volume follow-through: Heavy turnover in Galicia and Macro on Tuesday would suggest institutional, not just retail, buying.
- Election headlines: Any poll or candidate news could quickly reprice the reform trade that drove Monday’s gains.
Background: Argentina Public Works Funds: US$3 Billion Held Back.
Background: Milei Economic Model Shows Signs of Strain in Argentina.
Frequently Asked Questions
What is the Merval?
The Merval is Argentina’s main stock index, tracking the largest companies listed on the Buenos Aires exchange, including banks, energy firms and utilities.
Why did banks lead the rally?
Banks are the most direct play on Argentine interest rates and the Milei government’s deregulation push, so traders bought them as a bet on post-election policy continuity.
Why is the peso at its weakest level in a year?
The peso’s decline to 1,510 per dollar reflects steady local demand for dollars from importers and savers, even as stocks rebounded.
What does country risk above 500 mean?
Country risk measures the extra yield investors demand to hold Argentine debt instead of US Treasuries; above 500 points signals lingering doubts about Argentina’s ability to pay.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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