Executive Summary
The S&P Merval advanced 2.61% for the week ended July 10, closing at 3,280,223.59 after a net gain of 83,323.90 points. The path featured mixed daily moves, with declines on July 7 and 8 offset by stronger sessions on July 6, 10 and earlier gains. The weekly advance was the largest since the period ending June 12 and followed a 5.02% two-week rally.
Weekly Drivers
- Energy sector outperformance contributed to index gains amid broader commodity and domestic stability themes.
- Thin trading volumes on July 10, a non-working holiday, still produced a 2.43% session advance with settlement the following Monday.
- Macro stability and corporate earnings momentum continued to support sentiment following earlier all-time highs in June.
- Limited specific data releases or policy announcements dominated the quiet holiday-shortened week.
Sectors & Breadth
Energy led sector performance with a reported 6.6% weekly gain, outpacing Financials and other groups. The advance reflected broad participation rather than concentration in a handful of names, though overall market breadth remained moderate with activity across roughly 14 constituents noted in session reports. The index's year-to-date performance stayed positive but lagged longer-term 12-month gains near 50%.
What to Watch
- Next domestic inflation and activity data releases for clues on economic momentum.
- Any updates on credit expansion or real wage trends that could influence corporate earnings visibility.
- Peso stability and external flow signals ahead of potential policy or global risk events.
Capital-Flow Context
Foreign positioning in Argentine equities remains selective following the removal of near-term index-upgrade catalysts. Domestic institutional and retail flows appear to be driving recent sessions, with limited evidence of renewed southbound or cross-border inflows in the holiday-affected week. Currency effects stayed contained as the peso traded steadily alongside the equity advance.