Javier Milei, the presidential candidate of the Liberty Advances coalition, has arrived in Buenos Aires to vote in the upcoming presidential runoff election. During his campaign, Milei pledged to reform the Argentine economy and expressed a desire to privatize state-owned oil firm YPF. On Monday after his victory, YPF saw its New York-listed shares surge more than 40%, with the stock hovering at $14.90.
The winner of the Argentine presidential election on Sunday, Milei defeated Economy Minister Sergio Massa. In a radio interview following his win, the president-elect stated that his administration will “create value” for companies to be sold beneficially for Argentines. This announcement has led to gains in other Argentina-related equities like Grupo Financiero Galicia, Banco Macro, and the Global X MSCI Argentina ETF.
Milei’s economic plan involves prioritizing the US currency over the local peso to help mitigate historic inflation. He has also expressed a commitment to ending the “model of decadence” and promoting change in post-election speeches. As investors and markets closely watch the exchange rate between the peso and dollar, it remains to be seen how Milei’s policies will impact these equities moving forward.