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.

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.