Sign of the oil company YPF on a highway in Buenos Aires. Argentina. File photo August 28, 2014. REUTERS / Enrique Marcarian
BUENOS AIRES, Jan 22 (.) – Shares of Argentine state oil company YPF rose more than 10% on Friday in a considered technical price rebound after plunging 15% in previous sessions over doubts raised by a bond swap proposal and the change in the company’s presidency, operators said.
The company’s shares in the local stock market rose 10.15% to 572.85 pesos per unit at 2:15 p.m. local time (1715 GMT), while the company’s ADRs in the New York market improved 14% .
So far in 2021, the titles of the oil company have fallen 18.68% on the Argentine stock market.
“With the change of command, an attempt will be made to ensure a debt restructuring that benefits YPF more, freeing up the coming years of large expenditures and, thus, returning to more sustainable debt ratios over time and gaining productive capacity,” said the consultant. Delphos Investment.
The Minister of Economy, Marín Guzmán denied recent rumors about a possible nationalization of the company.
YPF recently modified the terms of exchange of its corporate debt for about 6.2 billion dollars, while current president Guillermo Nielsen said on Wednesday that he would step down.
“We suggest staying out of debt instruments of
YPF until the outlook is clearer and the scenario of a ‘hard default’ can be ruled out, “Delphos added.
(Reporting by Walter Bianchi; Edited by Jorge Otaola)