Bloomberg News

Argentine Stocks: Edenor, Siderar SAIC, Aluar Aluminio Argentino

February 24, 2012

Feb. 24 (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 dropped 2 percent to 2,762.61.

Empresa Distribuidora & Comercializadora Norte SA (EDN AF), Argentina’s biggest power distributor, jumped 2.2 percent to 1.39 pesos. Edenor “is expected to beat estimates when it reports results next week,” Alexander Zawadzki, an equity strategist at Buenos Aires-based brokerage Schweber & Cia., said in an e-mail.

Shares of industrial companies fell after a government report said industrial production in Argentina rose 2.1 percent in January from a year earlier, missing the median forecast for 3 percent growth among seven analysts surveyed by Bloomberg.

Siderar SAIC (ERAR AF), Argentina’s largest steelmaker, dropped 3.7 percent to 23.70 pesos. Aluar Aluminio Argentino SAIC (ALUA AF), the country’s largest aluminum producer, fell 1.1 percent to 2.78 pesos.

--Editors: Glenn Kalinoski, Brendan Walsh

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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