Bloomberg News

Argentine Stocks: Grupo Financiero Galicia and YPF Are Active

February 28, 2012

The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 12:03 p.m. in Buenos Aires.

The Merval (MERVAL) Index fell 3.2 percent to 2,673.84. The stock market was closed yesterday for a holiday.

Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, retreated 5.1 percent to 3.32 pesos, and earlier fell 6 percent, the biggest intraday drop in three weeks. Consumer confidence fell 8.2 percent in February from January, according to a poll yesterday from Torcuato di Tella University.

YPF SA (YPFD) , Argentina’s largest oil company, fell 7.5 percent to 147.1 pesos, the lowest since June 2010. Shares are dropping on concern that the company may reduce its dividend payment amid government pressure to spend more on production, Carlos Aszpis, equity strategist at Buenos Aires-based brokerage Schweber & Cia. said in an interview.

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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