Bloomberg News

Argentine Stocks: Telecom, Banco Macro, Migror Gain

February 17, 2012

Feb. 17 (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 rose 1.1 percent to 2,798.83.

Telecom Argentina SA (TECO2 AF), the Argentine telephone company, advanced 2.4 percent to 19.10 pesos. Profit in 2011 was 2.4 billion pesos ($551 million), an increase of 33 percent from the previous year, Chief Executive Officer Franco Bertone told reporters in Buenos Aires today.

Mirgor SACIFIA (MIRG AF), the Argentine producer of vehicle air conditioning systems and cellular phone handsets, increased 6.8 percent to 78 pesos, the biggest gain on a closing basis since Dec. 13. Migror rose on speculation a jump in Argentina’s auto sales boosted fourth-quarter profit, Guillermo Maresco, a trader at Buenos Aires-based brokerage Nacion Bursatil, said in a phone interview.

Banco Macro SA (BMA AF), Argentina’s largest lender by market share, gained 2.8 percent to 10.90 pesos. Banco Macro climbed for a second day after saying fourth-quarter net income climbed 26 percent from a year earlier to 346.4 million pesos.

--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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