Bloomberg News

Argentine Stocks: Banco Hipotecario and Garovaglio Increase

February 14, 2012

Feb. 13 (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 2,757.51.

Banco Hipotecario SA (BHIP AF) jumped 5.7 percent to 1.66 pesos, its biggest gain in more than a month. The lender reported today that fourth-quarter earnings climbed 372 percent to 130 million pesos ($30 million).

Garovaglio & Zorraquin SA (GARO AF) surged 7.7 percent to 5.05 pesos, its highest price in more than nine years. The Argentine holding company, with investments as diverse as agricultural commodities and water heating systems, had net income of 9.7 million pesos ($2.2 million) in the six months to Dec. 31, it said in a statement posted today on the website of the Buenos Aires exchange. This compares with 3.1 million pesos a year earlier, according to data compiled by Bloomberg.

--Editors: Glenn J. Kalinoski, Brendan Walsh

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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