Bloomberg News

Argentine Stock Movers: YPF, Edenor and Tenaris Were Active

April 17, 2012

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 (MERVAL) index fell 3.3 percent to 2,378.52.

YPF SA (YPFD) dropped 6.9 percent to 108 pesos, its lowest price since May 2009. The Buenos Aires exchange lifted a trading halt on the company’s stock that was implemented after the government announced plans to nationalize the company.

Empresa Distribuidora & Comercializadora Norte SA (EDN) , the country’s biggest power distributor, led losses among members of the Merval benchmark index, falling 9.1 percent to 0.85 peso, its lowest price since May 2009. “The government’s plan to nationalize YPF is increasing country risk for all stocks and foreign funds are selling all kinds of stocks,” Alberto Tarsia, a trader at Debursa Soc. de Bolsa, said in a phone interview.

Tenaris SA (TEN) rose 4.2 percent to 100.05 pesos, the biggest gain in five weeks. The world’s largest producer of seamless steel tubes used in the oil industry gained in line with the price of crude.

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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