Bloomberg News

Argentina Stocks: BBVA Banco Frances, Banco Macro and YPF Drop

January 30, 2012

Jan. 30 (Bloomberg) -- The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 1:27 p.m. in Buenos Aires.

The Merval Index fell 2.1 percent to 2,773.50.

YPF SA (YPFD AF), Argentina’s largest oil company, fell 3.3 percent to 177.5 pesos. Newspaper Pagina12 reported that Argentine officials have discussed a takeover of the Repsol unit. A YPF press official, who asked not to be named in accordance with company policy, declined to comment.

BBVA Banco Frances SA (FRAN AF), the local unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, decreased 4.3 percent to 9.18 pesos. Banco Frances “appears most at risk” from new restrictions that raise the amount of capital banks must hold in order to pay dividends, Tito Labarta, an analyst at Deutsche Bank, said in a research note today. The excess capital it holds above the minimum requirement will “significantly” limit its ability to pay dividends this year.

Banco Macro SA (BMA AF), Argentina’s largest lender by market share, fell 3 percent to 11.45 pesos. Banco Macro may face a “much smaller impact,” according to the report.

--With assistance from Laura Price in Buenos Aires. Editors: Glenn J. Kalinoski, Richard Richtmyer

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net; Laura Price in Buenos Aires at lprice3@bloomberg.net

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


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