We have just released a new article titled 10 Stocks Hammered Harder than Wall Street. Among those, Grupo Financiero Galicia SA (NASDAQ:GGAL) faced significant losses on Tuesday.
The stock of Grupo Financiero fell by 5.98 percent on Tuesday, closing at $32.21 per share. This decline comes as analysts anticipate a rise in Argentina’s inflation rate for September.
A Reuters poll suggests that inflation in Argentina is expected to rise from August levels, although the repercussions of recent currency volatility were likely limited.
Typically, a spike in inflation can lead to interest rate increases, which may further hinder growth in Argentina’s already struggling economy.
In other news, Grupo Financiero Galicia SA (NASDAQ:GGAL) has named Diego Hernan Rivas as the new CEO of its banking division, Banco de Galicia y Buenos Aires SA.
This leadership transition takes place during a challenging period for Argentina, characterized by rising inflation, a weak currency, and low consumer confidence.
Image Credit: Pixabay/Public Domain
Investors are keenly observing how Rivas will navigate the bank’s strategy during this ongoing economic crisis.
Banco de Galicia is the primary subsidiary of Grupo Financiero Galicia SA (NASDAQ:GGAL) and ranks as one of the principal banks operating within Argentina.
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Disclosure: None. This article was originally published at Insider Monkey.
