Shares of Argentine stocks across various industries are rising Monday following results from a key midterm election in the Latin American country.
What To Know: Argentine stocks are rising after President Javier Milei’s party, La Libertad Avanza, won 41% of the votes in a congressional midterm election.
Milei’s party’s representation is set to increase from 37 to 101 deputies and from six to 20 senators. Milei had the support of U.S. President Donald Trump, who said in the weeks prior to the election, that a $40 billion package to Argentina was highly dependent on the results.
The S&P Merval Index, a key index of the Buenos Aires Stock Exchange that includes sectors like energy, financial services and telecommunications, was up more than 1% at the time of writing, according to Benzinga Pro.
The Argentine peso jumped 10% following the election. Shares of Grupo Financiero Galicia SA (NASDAQ:GGAL), YPF SA (NASDAQ:YPF) and MercadoLibre Inc (NASDAQ:MELI) were all trading significantly higher at last check.
Price Action: At the time of publication, Grupo Financiero stock was up 39% at $49.35, YPF SA stock was up 27% at $34.48 and MercadoLibre stock was up 6% at $2291.62, according to Benzinga Pro.
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