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February 27, 2024 – 12:30
Shares are trading lower due to unwinding of positions and Argentina’s main stock index maintains its decline from the previous day.
The Argentine stock market does it move down this Tuesday, February 27 by disarming of positionsin the middle of the growing political tension between Government and the provinces for the distribution of co-participating funds.
In that context, the S&P Merval lose a 0.9% and go down to 1,070,878.88 units, after having marked a 2.3% drop on the eve
In that framework, in the local squarethe Actions operate mixed. The ones that most fall are those of Transener (-4.3%), Northern Gas Carrier (-4%) and Mirgor (-2.8%). While those that mark further progress are those of Black Hill (+3.6%), Supervielle Group (+1.3%) and Galicia Financial Group (+1.3%).
S&P Merval down: in what context?
The President’s Government Javier Mileicalled Monday “extortion” to the threat from the oil province of Chubut to cut starting Wednesday gas and oil supply in protest against a cut in a disbursement by the National Treasury.
While the administration of the Buenos Aires province announced that will appeal to the Supreme Court for him cut of funds receivedgiven that, this Monday, government eliminate by decree the Fiscal Strengthening Fund from the province of Buenos Aireswhich had been created during the administration of Alberto Fernández.
And then the governor of Tierra del Fuego, Gustavo Melellaconfirmed this Monday that his province will paralyze oil production for 24 hours next Wednesdayin agreement with the rest of the Patagonian states and in support of the claim from his peer from Chubut, Ignacio Torresbefore the national government for the cut of funding co-participation.
