“I recommend investing in Argentina” — a few words from Elon Musk on social media platform X bolstered Argentine assets to new heights, underscoring investor confidence under new President Javier Milei’s administration.
The Global X MSCI Argentine ETF (NYSE:ARGT), which tracks the performance of leading Argentine stocks, registered over a 1% increase shortly after markets opened in New York.
This marks the ETF’s eighth gain in nine sessions, culminating in a 54% rally since Milei’s election victory in November 2023.
The bullish sentiment extended to Argentine fixed-income assets, particularly dollar-denominated bonds. Notes maturing in July 2030 spiked to 55 cents on the dollar, more than doubling their value since the election of the libertarian President, who many now regard as having a Midas touch on the nation’s financial market.
Investor optimism has been particularly robust within the banking sector. Shares in major Argentine banks like Banco Macro S.A. (NYSE:BMA), Grupo Financiero Galicia S.A. (NASDAQ:GGAL), ...Full story available on Benzinga.com
Benzinga
