The Merval benchmark stock index rebounded from early losses to rise 1.2 percent to 7,670.29 points, steered by higher prices for petroleum firms YPF and Petrobras after oil prices made a partial recovery from another steep fall.
At the start of the day the market operated with losses of up to 4 percent, driven by exchange turmoil in Russia and further drops in oil, which later bounced back.
Petrobras soared 6.14 percent, while state-owned YPF followed with gains of 4.71 percent at the close today. Yesterday the Brazilian company’s value plummeted 14.9 percent over the course of trading, pushed by another free-fall in crude, with YPF losing a massive 11.1 percent.
Those drops had a negative effect on the Merval, which sank 8.3 percent to 7,581 points.
Weakness in the oil market was exacerbated yesterday by investors’ negative reactions to the Boden 2015 swap and the 2024 Bonar debt emission, analysts said.
Source: Buenos Aires Herald