Argentine Stocks Soar, Bonds Climb as Investors Cheer Milei Win
- Bonds rally with notes due 2030 gaining 1.9 cents on dollar
- ADRs of oil driller YPF post biggest one-day gain on record
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Argentina investors cheered libertarian economist Javier Milei’s bigger-than-expected win in Sunday’s presidential vote, encouraged by his pledges to usher in a radical remake of South America’s second-largest economy.
US-listed shares of Argentine companies skyrocketed Monday, with ADRs of oil company YPF SA posting the best session since they began trading in 1993, 40% higher. Banco Macro SA and Grupo Financiero Galicia SA ended the day up 20% and 17%, respectively. The Global X MSCI Argentina ETF jumped a record 12%. Local markets were closed Monday for a holiday.