Grupo Financiero (GGAL) Climbs 38.7% on Argentine Markets Rally, Milei Win

We recently published 10 Big Names Crushing Wall Street. Grupo Financiero Galicia SA (NASDAQ:GGAL) is one of the top-performing stocks on Monday.

Grupo Financiero extended gains for a 5th consecutive day on Monday, jumping 38.70 percent to close at $49.14 apiece and mimicking a sharp rally in Argentine markets following the landslide victory of incumbent president Javier Milei.

Milei pulled off a surprisingly strong victory during the country’s midterm elections, allaying fears that a new administration would again put the Argentine economy into jeopardy, especially as the US government had already unusually intervened by acquiring a significant chunk of the peso to push its value higher.

Grupo Financiero (GGAL) Climbs 38.7% on Argentine Markets Rally, Milei Win

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Earlier, President Donald Trump said that the US would pull away if Milei did not do well in the elections.

Elections aside, Grupo Financiero Galicia SA (NASDAQ:GGAL) late last week earned a price target downgrade of $46 from JP Morgan, alongside a “hold” rating.

Additionally, the group announced the appointment of Diego Hernan Rivas as the new chief executive officer (CEO) of its banking subsidiary, Banco de Galicia y Buenos Aires SA, who is expected to lead and help steer the bank’s strategy amid the ongoing Argentine economic crisis.

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Disclosure: None. This article is originally published at Insider Monkey.