Why Grupo Financiero Galicia Stock Is Higher After Argentina Election Result

Grupo Financiero Galicia S.A. GGAL shares are trading higher Monday with other Argentina-based companies following the election of far-right libertarian presidential candidate, Javier Milei.

The Details:

Javier Milei, a libertarian economist, has vowed to improve the country's struggling economy through broad-based policy reforms and a return to capitalistic ideals. Shares of Argentine companies are up on investors' optimism surrounding the promise of less government intervention and increased economic freedom in the country.

Grupo Financiero Galicia SA is an Argentina-based financial service company providing general banking services, proprietary brand credit card services, personal loans, insurance and other services.

Shares of GGAL are moving on heavy trading volume following the election result. According to data from Benzinga Pro, more than 3 million shares have been traded in the session, compared to the stock's 100-day average of just under 786 thousand shares.

GGAL Price Action: According to Benzinga Pro, Grupo Financiero Galicia shares are up 18% at $14.78 at the time of publication.

Image: Marcel Elia from Pixabay

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