Bloomberg News

Argentine Stock Movers: Banco Macro SA and Tenaris SA Retreat

December 07, 2011

Dec. 7 (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 2.2 percent to 2,558.11.

Banco Macro SA (BMA AF) retreated 2 percent to 9.65 pesos. Argentina’s largest lender by market share fell in line with global equities after Germany rejected combining the current and permanent euro-area rescue funds and expressed pessimism over the outcome of a European Union summit this week.

Tenaris SA (TS AF) dropped 3.5 percent to 87 pesos, the steepest decline in three weeks. The world’s largest producer of seamless steel tubes used in the oil industry followed crude prices lower after the U.S. Energy Department reported an unexpected increase in inventories.

--Editors: Marie-France Han, 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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