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Last week, U.S.-listed Argentine stocks rose on news of the election of far-right libertarian candidate, Javier Milei, who campaigned on economic policies which represent a large shift from the current left-leaning administration of President Alberto Fernandez. YPF Sociedad Anonima (NYSE:YPF) and other Argentine stocks continued to gain on Monday. Here's what's going on.
What To Know: Market's have responded approvingly to Milei's election last Sunday, with gains in Argentine stocks extending into Monday. In particular, YPF Sociedad Anonima has rallied, as Milei has previously stated that he seeks to privatize the integrated oil and gas provider. According to Benzinga Pro, the stock experienced above average trading volume of 6.58 million shares on Monday, compared to its average volume of 2.50 million shares.
On Nov. 24, Milei announced that he selected Horacio Marín as head of YPF, according to an article by S&P Global. Marin's credentials include 35 years of experience at major gas producer TecPatrol where he also served as president of exploration and production for the past year.
Additionally, other Argentine stocks moving on Monday in connection with Milei's win include Banco Macro S.A. (NYSE:BMA) and Grupo Financiero Galicia S.A. (NASDAQ:GGAL).
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YPF, BMA, GGAL Price Action: Shares of YPF were up 1.43% at 17.08, shares of BMA were up 8.95% at $28.24, and shares of GGAL were up 14.1% at $17.48 at the time of publication, according to Benzinga Pro.
Image by Sofia de Abajo from Pixabay
