GGAL - Why Stocks in Argentina Are Flying Today
2023-11-27 14:49:16 ET
Shares of Argentinian financial stocks continued to charge higher on Monday. After initially surging last week on the news that libertarian candidate Javier Milei had on Nov. 19 been elected president of Argentina, shares of Argentine banks Grupo Financiero Galicia (NASDAQ: GGAL) , Grupo Supervielle (NYSE: SUPV) , and Banco Macro (NYSE: BMA) all gave back some ground before the Thanksgiving holiday in the U.S.
No sooner was the leftover turkey put in the fridge, however, than these banks all resumed their movement higher on Friday. And so far on Monday, all three are rising again. As of 2:22 p.m. ET, they were up 13.5%, 7.8%, and 8.5%, respectively.
So what's up with that? I mean, since Milei's election was announced, shares of Grupo Financiero Galicia and Banco Macro are both up by close to 40%, and Grupo Supervielle -- the smallest of the bunch, with a market capitalization well below $800 million -- is up by around 60%.
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Why Stocks in Argentina Are Flying Today