Bloomberg News

Argentina Stocks: Siderar, Telecom Argentina, Banco Patagonia

February 02, 2012

Feb. 1 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close of trading in Buenos Aires.

The Merval Index increased 1.8 percent to 2,837.06.

Argentine stocks rose in line with global equities after U.S. manufacturing grew at the fastest pace since June. China’s manufacturing output unexpectedly rose.

Siderar SAIC (ERAR AF), Argentina’s largest steelmaker, advanced 5.2 percent to 25.10 pesos. Solvay Indupa SAIC (INDU AF), the Argentine petrochemicals company, jumped 3.3 percent to 2.20 pesos.

Banco Patagonia SA (BPAT AF), an Argentine bank bought by Banco do Brasil in 2010, increased 4.8 percent to 3.69 pesos. Banco Patagonia said it won’t pay cash dividends to investors after the central bank raised capital requirements and is seeking “alternatives” in a statement to the Buenos Aires Stock Exchange.

Telecom Argentina SA (TECO2 AF), the Argentine telephone operator, rose 4.6 percent to 20.30 pesos. Cell phone calls nationwide increased 24.9 percent in December compared to the same month a year earlier, the national statistics institute reported yesterday in a release on its website.

--With assistance from Laura Price in Buenos Aires. Editor: Glenn J. Kalinoski

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

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


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