Javier Milei, the presidential candidate of the Liberty Advances coalition, has just arrived in Buenos Aires to vote in the presidential runoff election. His victory caused a massive surge in shares of state-owned oil firm YPF, with New York-listed shares spiking more than 40% on Monday. During his campaign, Milei pledged to reform the Argentine economy and expressed a desire to privatize YPF.

On Monday after his win, YPF saw its stock hover at $14.90, up 38.82% on that same day. Milei, a right-wing libertarian candidate, secured his win by a wider margin than expected. He has promised to revitalize the ailing Argentine economy, promoting the use of the US dollar domestically and mentioning potential sales of YPF and other state-controlled companies to improve public accounts. In a radio interview, the president-elect stated his administration will “create value” for companies to be sold beneficially for Argentines.

Milei’s economic plan involves prioritizing the US currency over the local peso to help mitigate historic inflation. As such, investors and markets will be closely watching the exchange rate between the peso and the dollar moving forward. Other Argentina-related equities like Grupo Financiero Galicia, Banco Macro, and the Global X MSCI Argentina ETF also saw gains following Milei’s victory. Milei expressed his commitment to ending “the model of decadence” in a post-election speech, suggesting change is imminent.