Bloomberg News

Argentine Stocks: Banco Macro, Cresud and Tenaris Advance

November 15, 2011

Nov. 15 (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 0.1 percent to 2,679.19.

Banco Macro SA (BMA AF) rose 2 percent to 10.05 pesos. Argentina’s largest lender by market share gained in line with U.S. markets, which increased on higher-than-expected retail sales and speculation that Italian Premier Minister-designate Mario Monti will succeed in forming a government.

Cresud SA (CRES AF) jumped 6.5 percent to 5.75 pesos, its steepest increase in five weeks. The Argentine agricultural real estate company has gained 7.5 percent in the last two days after its indirect unit Alto Palermo SA, a shopping mall operator, announced Nov. 11 a 17 percent increase in quarterly profit and that it would pay 117 million pesos ($27.4 million) in dividends.

Tenaris SA (TS AF) advanced 0.7 percent to 83.8 pesos. The world’s largest producer of seamless steel tubes used in the oil industry rose in line with the price of crude in New York.

--Editors: Glenn J. Kalinoski, Richard Richtmyer

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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