Argentina ADRs rally after Milei's party wins midterm elections

U.S.-listed shares of Argentine companies gain after President Javier Milei's party wins midterm elections

Milei's party secures strong mandate, bolstering support to keep pushing through his radical overhaul of the economy

"This momentum sets the stage for ambitious macroeconomic reforms aimed at boosting private sector savings through tax and labor overhauls, unlocking direct investment and accelerating stabilization efforts," J.P. Morgan analysts say in a note

Financials including Grupo Supervielle SUPV.N, Banco Macro BMA.N, Banco BBVA Argentina BBAR.N and Grupo Financiero Galicia GGAL.O soar between 37% and 49.3%

State-run oil company YPF YPF.N advances 26.6%, gas transportation firm TGS TGS.N up 33.4% and energy company Pampa Energia PAM.N climbs 26.2%

Global X MSCI Argentina ETF ARGT.P adds 19.06%, though it remains down 10.1% year-to-date

*Argentina's benchmark stock index .MERV rises 17.06%, poised for its biggest intraday percentage gain in nearly two years