Bloomberg News

Argentine Stocks: BBVA Banco Frances and Tenaris Rise; TGN Falls

October 05, 2011

Oct. 5 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4 p.m. New York time.

The Merval Index rose 1 percent to 2,309.43.

BBVA Banco Frances SA (FRAN AF) rose 2.5 percent to 8.25 pesos, ending a five-day losing streak. The price of Argentina sovereign bonds increased today, which signals higher value for banks’ fixed-income assets.

Tenaris SA (TS AF) advanced 4.6 percent to 61.2 pesos, its second day of gains and biggest advance in four weeks. The world’s largest producer of seamless steel tubes used in the oil industry rose in line with crude oil prices, which gained on a report of a surprise decline in U.S. inventories.

Transportadora de Gas del Norte SA (TGNO4 AF) fell 1.9 percent to 72.5 centavos, its sixth straight day of losses. Argentina’s second-biggest gas pipeline operator appealed a ruling earlier this year that said the government didn’t need to hold talks on gas tariffs, it said in a regulatory filing yesterday.

--Editors: Glenn J. Kalinoski, Marie-France Han

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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