Bloomberg News

Argentine Stocks: Banco Santander, Grupo Galicia, Tenaris, YPF

October 27, 2011

Oct. 27 (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 rose 4.3 percent to 3,005.52.

Banco Santander SA (STD AF) surged 11 percent to 44 pesos, its biggest gain in 17 months. The Spanish lender rose in Buenos Aires trading in line with its stock in Madrid, after European leaders agreed to bolster lenders’ capital and boost the region’s rescue fund in a bid to stem the debt crisis.

Grupo Financiero Galicia SA (GGAL AF), Argentina’s largest consumer lender, increased 4.4 percent to 4.77 pesos, leading gains among local banks.

Tenaris SA (TS AF) advanced 9.5 percent to 83.25 pesos, its biggest gain since January 2009. The world’s largest producer of seamless steel tubes used in the oil industry jumped in line with the price of crude, which rose as much as 4.5 percent in New York.

YPF SA (YPFD AF) fell 0.6 percent to 171 pesos, its third day of losses. Argentina’s largest oil company may face more hurdles to making future dividend payments after the government ordered oil companies to keep all export revenue within the country, Banco Itau BBA said in a note to investors today.

--Editors: Bill Faries, Brendan Walsh

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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