MERVAL

The **S&P Merval** () is the main index of the Buenos Aires Stock Market. Its name comes from the agreement reached with the Dow Jones Industrial Average in 2019.

That same year, following the agreement reached, the methodology and composition of the Argentine stock market index were changed. In the case of the S&P Merval index, it was now composed only of the 22 Argentine companies with the highest weighting in the index.

## Overview

This index measures the value in pesos of a portfolio of stocks listed on the Buenos Aires Stock Exchange. The selection criteria for these stocks is based on the trading volume and number of transactions in the last six months, subject to the necessary condition of trading in at least 80% of the trading sessions considered. The Merval is rebalanced quarterly. The index was developed with a base level of $0.01 on June 3, 1986.

As of 30 July 2021 the constituent companies of the index include Aluar (aluminium smelter), BBVA Argentina (financial services), Banco Macro (financial services), Sociedad Comercial del Plata (holding), Edenor (electricity), Grupo Financiero Galicia (financial services), Pampa Energía (energy), Ternium (steel), Telecom Argentina (telecommunications), and YPF (oil and gas).

## Companies participating in the leading panel

It is comprised of the following 23 companies operating in the index as of March 2025.
|Company|class="unsortable"|Symbol|Industry|Capitalization (million dollars)|Value share in Argentine Peso (2024)||
| --- | --- | --- | --- | --- | --- | --- |
|YPF|BCBA:YPFD|Oil|align=right|15.580|align=right|42.150|
|Grupo Financiero Galicia|BCBA:GGAL|Private Banking|align=right|10.480|align=right|6.930|
|Banco Macro|BCBA:BMA|Private Banking|align=right|6.050|align=right|10.075|
|Telecom Argentina|BCBA:TECO2|Telecommunications|align=right|5.480|align=right|2.705|
|Pampa Energía|BCBA:PAMP|Energy|align=right|4.800|align=right|3.745|
|BBVA Argentina|BCBA:BBAR|Private Banking|align=right|4.350|align=right|7.550|
|Transportadora de Gas del Sur|BCBA:TGSU2|Natural gas|align=right|4.290|align=right|6.060|
|Ternium|BCBA:TXAR|Steelworks|align=right|3.060|align=right|720|
|Central Puerto|BCBA:CEPU|Energy|align=right|2.010|align=right|1.410|
|Aluar|BCBA:ALUA|Aluminum|align=right|2.000|align=right|759|
|Edenor|BCBA:EDN|Electricity|align=right|1.770|align=right|2.080|
|Bolsas y Mercados Argentinos|BCBA:BYMA|Financial services|align=right|1.550|align=right|433|
|Loma Negra|BCBA:LOMA|Cement|align=right|1.410|align=right|2.515|
|Grupo Supervielle|BCBA:SUPV|Financial services|align=right|1.380|align=right|3.215|
|Flow|BCBA:CVH|Telecommunications|align=right|1.240|align=right|11.160|
|Transener|BCBA:TRAN|Mining|align=right|835|align=right|2.000|
|Cresud|BCBA:CRES|Agriculture|align=right|726|align=right|1.285|
|Holcim Argentina|BCBA:HARG|Cement|align=right|596|align=right|1.735|
|Sociedad Comercial del Plata|BCBA:COME|Financial services|align=right|493|align=right|169|
|Mirgor|BCBA:MIRG|Electronic industry|align=right|328|align=right|23.850|
||BCBA:TGNO4|Natural gas|align=right|280|align=right|3.390|
|Banco de Valores|BCBA:VALO|Private Banking|align=right|277|align=right|351|
|Agrometal|BCBA:AGRO|Agricultural machinery|align=right|59|align=right|53|