Bloomberg News

Argentine Stocks: Galicia and Macro Fall; Molinos, Tenaris Jump

November 29, 2011

Nov. 29 (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 1.1 percent to 2,452.04. Markets were closed yesterday due to a national holiday.

Banco Macro SA (BMA AF) fell 1.8 percent to 8.88 pesos, its lowest price in eight weeks. Citigroup Inc. cut its rating for Argentina’s largest lender by market share to “sell” from “neutral,” according to data compiled by Bloomberg.

Grupo Financiero Galicia SA (GGAL AF) fell 3.7 percent to 3.09 pesos, the biggest drop in two weeks. Citigroup Inc. cut its rating for Argentina’s largest consumer lender to “sell” from “neutral,” according to data compiled by Bloomberg.

Molinos Rio de la Plata SA (MOLI AF) rose 7.3 percent to 29.5 pesos, the biggest gain in 10 months. Argentina’s largest food company gained after the government authorized an increase of $540 million in wheat export quotas, Juan Jose Vasquez, an analyst at Buenos Aires-based brokerage firm Bull Market Brokers, said in a telephone interview.

Tenaris SA (TS AF), the world’s largest producer of seamless steel tubes used in the oil industry, surged 8.8 percent to 81.2 pesos, following yesterday’s 6.1 percent gain in its American depositary receipts. The Techint Group, Tenaris’s controller, announced yesterday it will pay 5.03 billion reais ($2.7 billion) for a 27.7 percent stake in Brazil’s Usinas Siderurgicas de Minas Gerais SA.

--Editors: Glenn J. Kalinoski, David Papadopoulos

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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