Banco Macro’s Stock Surge on Share Buyback Announcement

Argentinian lender Banco Macro saw its American Depositary Receipts (ADRs) jump over 17% in a single trading session after unveiling a $157 million share repurchase program. The bank's board authorized the buyback of Class B shares listed domestically, with a maximum price of 7,500 pesos ($5.25) per share.

The MOVE comes amid what Banco Macro described as "fluctuations in the capital market" that have materially affected domestic share prices. The 60-day program, potentially extendable, signals confidence from management despite macroeconomic headwinds.

Investors rewarded the bold capital allocation decision, driving Banco Macro's performance to starkly outperform the S&P 500's 0.3% decline during the same period. The bank's willingness to deploy significant pesos underscores a bullish stance on its own valuation.