Bloomberg News

Argentine Stocks: Petrobras Argentina, Siderar and Tenaris

December 16, 2011

Dec. 16 (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 1.3 percent to 2,433.4.

Petrobras Argentina SA (PESA AF) advanced 3.8 percent to 6 pesos, the biggest gain in two weeks. The local unit of Brazil’s state-controlled oil company rose after lagging behind the broader market in recent days, Guillermo Maresco, a trader at Buenos Aires-based brokerage firm Nacion Bursatil Soc. de Bolsa SA, said in a phone interview.

Siderar SAIC (ERAR AF) climbed 0.5 percent to 22.3 pesos. Argentina’s largest steel producer rose in line with the price of base metals amid optimism that the European Union will meet a Dec. 19 deadline for funding a crisis-fighting package.

Tenaris SA (TS AF) increased 2.3 percent to 82.35 pesos. The world’s largest producer of seamless steel tubes used in the oil industry was initiated at “neutral” at Goldman Sachs Group Inc.

--Editors: Glenn 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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