Bloomberg News

Argentine Stocks: Alpargatas, Edenor, Frances, Siderar and Pampa

October 12, 2011

Oct. 12 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 5 p.m. in Buenos Aires.

The Merval Index rose 4.5 percent to 2,539.08.

Alpargatas SAIC (ALPA AF) rose a record 58 percent to 7.25 pesos. Brazil’s Alpargatas SA, controller of the Argentine apparel and footwear producer, has offered to pay 8.14 pesos for each share it doesn’t own in the company.

BBVA Banco Frances SA (FRAN AF), the Argentine lender and unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, rose 9.4 percent to 9.35 pesos, the biggest advance since May 2010. The price of Argentine sovereign bonds gained today, which signals higher value for banks’ fixed-income assets.

Empresa Distribuidora & Comercializadora Norte SA (EDN AF) rose 3.8 percent to 1.38 pesos. Argentina’s biggest power distributor, also known as Edenor, agreed to sell stakes in power generator Emdersa Generacion Salta SA to its controller Pampa Energia SA for $10.8 million, Pampa said in a statement distributed by PRNewswire.

Pampa Energia SA (PAMP AF), Argentina’s largest power company, rose 4.3 percent to 2.17 pesos.

Siderar SAIC (ERAR AF) advanced 6.1 percent to 22.75 pesos, its second day of gains. Argentina’s largest steel producer rose in line with base metal prices on bets that Europe will be able to stem its sovereign debt crisis.

--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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