Bloomberg News

Argentine Stock Movers: Edenor, Telecom Argentina and YPF Rise

October 14, 2011

Oct. 14 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close of trading in Buenos Aires. The Merval Index rose 4.6 percent to 2,717.05.

Empresa Distribuidora y Comercializadora Norte SA (EDN AF) gained 9.5 percent to 1.61 pesos, the steepest advance in 18 weeks. Argentina’s largest power distributor, also known as Edenor, rose for a third day after it agreed on Oct. 11 to sell stakes in power generator Emdersa Generacion Salta SA to its controller Pampa Energia SA for $10.8 million. Argentine power distributors have also been allowed to charge summer rates to clients, which are higher than winter rates, according to a statement yesterday on the government’s National Gazette.

Telecom Argentina SA (TECO2 AF) rose 3.1 percent to 18.5 pesos. Argentina’s second-largest telephone company had its local currency issuer default rating upgraded to BB- from B+ at Fitch Ratings.

YPF SA (YPFD AF) increased 1.4 percent to 177 pesos, its highest price in three weeks. Argentina’s largest oil company agreed to pay $16.8 million for oil exploration and production company Energia Andina SA, it said in a statement posted yesterday on the website of the Buenos Aires exchange.

--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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