Bloomberg News

Argentine Stocks: Grupo Galicia, Molinos and Petroleo Brasileiro

November 18, 2011

Nov. 17 (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 4.1 percent to 2,519.01.

Grupo Financiero Galicia SA (GGAL AF) declined 4.3 percent to 3.37 pesos to its lowest price since September 2010. Argentina’s largest consumer lender sank in line with global stocks which retreated after Spain’s borrowing costs rose to a euro-era record on waning demand at a bond sale, adding to concern that Europe’s sovereign debt crisis is spreading.

Petroleo Brasileiro SA (APBR AF) dropped 2.6 percent to 60.80 pesos. Brazil’s state-controlled oil company is trading at its cheapest level since 1999, a signal to buy according to Aberdeen Asset Management.

Molinos Rio de la Plata SA (MOLI AF), Argentina’s largest food company and soy processor, plunged 7.4 percent to 30.10 pesos, the steepest fall since Aug. 8. Agricultural commodity prices retreated today on concern that Europe’s debt crisis will spread and erode demand for raw materials.

--Editors: Richard Richtmyer, Glenn J. Kalinoski

To contact the reporters on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net Leon Lazaroff in New York at llazaroff@bloomberg.net

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


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