Published on 12 Jan 2023 on Zacks via Yahoo Finance

Strength Seen in Banco Macro (BMA): Can Its 5.7% Jump Turn into More Strength?

Banco Macro BMA shares rallied 5.7% in the last trading session to close at $19.82. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 39.7% gain over the past four weeks.

Banco Macro stock witnessed a rise in price for the sixth consecutive day. The stock touched a new 52-week high during last day’s trading session. The performance of the banking sector is expected to continue to improve in the quarters ahead on the back of rising interest rates. The central banks across the globe have been raising interest rates since the beginning of 2022 to tame the raging inflation. More such hikes are expected to come in the near term. This has led to the bullish investor sentiments, which drove BMA stock higher.

This financial holding company is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of -39.4%. Revenues are expected to be $455.87 million, down 1.4% from the year-ago quarter.