Bloomberg News

Argentine Stocks: Garovaglio & Zorraquin and Grupo Clarin Rise

February 15, 2012

Feb. 14 (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 1.2 percent to 2,725.17.

Garovaglio & Zorraquin SA (GARO AF) rose 9.3 percent to 5.52 pesos, its highest price in more than 13 years. The Argentine holding company has gained 18 percent in the past two days after reporting net income of 9.7 million pesos ($2.2 million) in the six months to Dec. 31. This compares with 3.1 million pesos a year earlier, according to data compiled by Bloomberg.

Grupo Clarin SA (GCLA AF) increased 7.6 percent to 11.30 pesos, the largest gain in four weeks. Controlling shareholders of Argentina’s largest media group have been granted an offer to buy 22 million class “C” shares in the company from equity funds controlled by Goldman Sachs Group at $6.80 per global depositary share.

--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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