Argentine Stocks Surge at the Week's Start: What’s Behind the Rise?
Election Results Impact: Argentine stocks are experiencing a rise following President Javier Milei's party, La Libertad Avanza, winning 41% of the votes in a congressional midterm election, increasing their representation significantly.
Market Reaction: The S&P Merval Index rose over 1%, and the Argentine peso jumped 10% post-election, with notable increases in shares of Grupo Financiero Galicia, YPF SA, and MercadoLibre Inc.
Stock Performance: At the time of reporting, Grupo Financiero Galicia's stock surged 39%, YPF SA's stock rose 27%, and MercadoLibre's stock increased by 6%.
U.S. Support: The election results are seen as crucial for a potential $40 billion aid package from the U.S., as indicated by support from former President Donald Trump prior to the elections.
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YPF Aims for 2026 Final Investment Decision on LNG Project as Shell Withdraws Due to Scope Modifications
YPF's LNG Project: YPF, an Argentinian state-owned energy company, plans to finalize a $20 billion liquefied natural gas (LNG) project with partners Eni and ADNOC's XRG by 2026, targeting a capacity of 12 million metric tons per year.
Shell's Withdrawal: Shell has exited a phase of the Argentina LNG project due to significant changes in project scope, including a reduction in capacity from 12 mtpa to 6 mtpa, prompting YPF to seek a new partner.
Export Timeline: YPF anticipates starting exports from the LNG project around 2030 or 2031, contingent on reaching a final investment decision by mid-2026.
Energy Sector Insights: Oceaneering International and Canadian Natural Resources are highlighted as top-ranked stocks in the energy sector, with Oceaneering holding a Zacks Rank #1 and Canadian Natural Resources a Zacks Rank #2.
Shell withdraws from Argentina LNG project led by YPF
Shell Withdraws from Argentina LNG Project: Shell has announced its withdrawal from the Argentina LNG project due to changes in project dynamics and scope, just a year after signing a development agreement with YPF.
YPF's Response and Future Plans: YPF's CEO stated that the company will seek a new partner to replace Shell and anticipates making a final investment decision on the $20 billion project by mid-next year, with equity stakes expected to be shared among YPF, Eni, and Adnoc's XRG unit.
