Bloomberg News

Argentine Stocks: Banco Macro, Grupo Galicia and Tenaris

October 25, 2011

Oct. 25 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close in Buenos Aires. The Merval Index fell 0.4 percent to 2,850.53.

Banco Macro SA (BMA AF) retreated 3.5 percent to 11 pesos, the steepest fall in a week. Argentina’s largest lender by market share dropped in line with global markets after a meeting of European finance ministers was canceled, fueling concern that the region’s leaders may struggle to resolve the debt crisis at a summit tomorrow, and as consumer confidence in the U.S. reached in October its lowest level since March 2009.

Grupo Financiero Galicia SA (GGAL AF), the country’s largest consumer lender, also retreated, down 0.4 percent to 4.58 pesos.

Tenaris SA (TS AF) rose 0.5 percent to 74.60 pesos, its third day of gains. The world’s largest producer of seamless steel tubes used in the oil industry advanced as crude reached a 12-week high in New York on declining stockpiles in the U.S.

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

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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