The role of the state oil company rises on Wall Street and props up the Merval.
YPF’s paper rises almost 12% in New York since the opening of this Monday, after the agreement was confirmed last Thursday for the trial of Maxus, for which the state oil company must pay US$ 575 million along with Repsol to close the lawsuit for environmental damages initiated in 2005.
As the agreement was known on Thursday night and on Friday there were no operations in the markets, the wheel of this Monday is the first reaction to the news. With this improvement, YPF’s ADR accumulates a gain in dollars of more than 13% so far this month and an increase of 35% since the beginning of the year. The paper returned to trading above US$12, a price it had not had since 2019.
In the last week, YPF managed to get out “unharmed” from two million-dollar lawsuits. First, in the trial for errors in the expropriation of the oil company, the New York court established a responsibility of the national State, but released YPF from having to pay the claimant investment fund.
In the other -which came from 2005-, YPF and the Spanish Repsol (previous owner of the oil company) reached an agreement with the Maxus liquidation trust, a firm that YPF bought in the 90s, on which a US judgment weighed. $14,000 million for environmental contamination. The settlement was for US$575 million.
Investors celebrated this “relief”. The improvement of the ADR on Wall Street drags the rest of the Argentine companies listed there at the beginning of the week. On a second level, the shares of Transportadora de Gas del Sur and BBVA complete the podium with increases of 4.9% and 4.3%, respectively.
In the local market, after having closed three positive weeks in a row, the Merval index extends its upward trend and rises 1.6%.
Meanwhile, in the bond market the story is different. Despite the government’s announcements, the debt in dollars remains low. Titles sink up to 5%, as in the case of Bonar 2035. Despite this pessimistic scenario, the country risk improves slightly and stands at 2,457 points.
SN
