Javier Milei, the presidential candidate of the Liberty Advances coalition, arrived in Buenos Aires to vote in the presidential runoff election. On Monday after his victory, YPF saw its New York-listed shares spike more than 40%. The stock hovered at $14.90, up 38.82% on that same day. Milei secured his win by a wider margin than expected and has promised to revitalize the ailing Argentine economy.
During his campaign, Milei expressed a desire to privatize YPF and promote the use of the US dollar domestically. In a radio interview, the president-elect stated his administration will “create value” for companies to be sold beneficially for Argentines. This has led to increased investor confidence and interest in Argentina-related equities such as Grupo Financiero Galicia, Banco Macro, and the Global X MSCI Argentina ETF.
Milei has also expressed his commitment to ending “decadence” in post-election speech suggesting change is imminent. As part of his economic plan, he plans to prioritize the use of the US currency over the local peso to help mitigate historic inflation. This will closely watch by investors and markets exchange rate between peso and dollar moving forward.