Argentina shares rallied on Monday after the conservatives defeat the ruling Peronists in Sunday’s primary. The results show that the opposition could win mid-terms in November and establish market-friendly policy changes that could lift the beaten down economy.
Argentina’s benchmark index, Merval, rose by 5.5%. Gains were led by an 17.7% and 10.85% jump in utility companies Central Puerto and Transener respectively. The Argentine peso jumped 3.9% to 178 per dollar on the black market, while a risk index for the country dropped sharply.
The two ETFs with large exposure to Argentinian equities followed suit. The iShares MSCI Argentina and Global Exposure ETF (AGT), with 58% exposure to Argentina gained 2.24% on Monday (USD terms). Global X MSCI Argentina ETF (ARGT), a pure play on Argentinian stocks rose by +2.21% (USD terms). Its top holdings include Mercadolibre Inc. (21.9%), Global SA (19.6%) and Grupo Galici ADR (5.17%).
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