Bloomberg News

Argentine Stocks: Frances, Galicia, Macro, Petrobras and Tenaris

November 24, 2011

Nov. 23 (Bloomberg) -- The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 12:55 p.m. in Buenos Aires. The Merval Index fell 1.9 percent to 2,435.27.

Banco Macro SA (BMA AF) dropped 2.2 percent to 9 pesos. Moody’s Investors Service yesterday put on review for a downgrade the financial strength ratings of Argentine banks, citing the government’s recent macroeconomic measures and their effect on quality metrics and earnings generation.

Other local lenders also fell. Grupo Financiero Galicia SA (GGAL AF), Argentina’s largest consumer lender, dropped 1.5 percent to 3.22 pesos. BBVA Banco Frances SA (FRAN AF), the local unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, lost 1.8 percent to 8.15 pesos.

Petroleo Brasileiro SA (APBR AF) fell 3 percent to 58.5 pesos, its lowest price in a month. Brazil’s state-controlled oil company declined in line with the price of crude, which retreated on concern that the European debt crisis is worsening after Germany failed to sell all of a 10-year bond.

Tenaris SA (TS AF), the world’s largest producer of seamless steel tubes used in the oil industry, retreated 3.5 percent to 75.3 pesos, the lowest price in three weeks.

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

To contact the reporter on this story: Eduardo Thomson in Santiago at

To contact the editor responsible for this story: David Papadopoulos at

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