Bloomberg News

Argentine Stocks: Banco Macro, Grupo Galicia Fall; Molinos Gains

October 31, 2011

Oct. 31 (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 slumped 3.6 percent to 2,905.54.

Banco Macro SA (BMA AF), Argentina’s largest lender by market share, retreated 10 percent to 10.30 pesos for its biggest decline since October 2008. Government restrictions on currency trading to stem capital flight announced last week may be spurring investors to sell even more pesos in anticipation of future restrictive measures, Goldman Sachs Group Inc. analyst Alberto Ramos said today.

Grupo Financiero Galicia SA (GGAL AF), Argentina’s largest consumer lender, also dropped, declining 9.8 percent to 4.22 pesos.

Molinos Rio de La Plata SA (MOLI AF), Argentina’s largest food company, rose 0.9 percent to 34.50 pesos, erasing earlier losses of as much as 5 percent. Argentine truck owners who transport soybeans and corn extended a strike today, blocking access to the country’s main grain ports to demand higher fees, Edgardo Aniceto, a spokesman for the strikers, said by telephone.

Petroleo Brasileiro SA (APBR AF), Brazil’s state-controlled oil company, climbed 1.5 percent to 67.60 pesos. Brazil plans to hold a bidding round for oil exploration blocks on shore and off the coast of northeastern Brazil in late 2012, Haroldo Lima, the head of the country’s oil regulator, told reporters in Brasilia today.

--Editors: Brendan Walsh, Lester Pimentel

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

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


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