Bloomberg News

Argentine Stock Movers: Edenor, Siderar and YPF Were Active

April 24, 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 rose 0.1 percent to 2,311.18.

Empresa Distribuidora & Comercializadora Norte SA (EDN) fell 4.8 percent to 0.7 pesos, its lowest price since April 2009. Argentina’s largest power distribution company announced the sale of a unit in the province of Salta for 99 million pesos ($22.4 million) in Argentine government bonds. The stock fell as investors see this as a sign that the company is forced to sell assets as it’s running short on cash, Rafael Aldazabal, president of Buenos Aires-based brokerage Aldazabal & Cia., said in a phone interview.

Siderar SAIC (ERAR) retreated 1.4 percent to 1.37 pesos. Argentina’s largest steel producer reported first-quarter profit of 308 million pesos, down from 400 million pesos a year earlier, according to a statement posted on the website of the Buenos Aires stock exchange.

YPF SA (YPFD) fell 4.9 percent to 74.30 pesos, its lowest price since March 2009. Spain’s Repsol YPF SA said its Argentine unit invested $20 billion from 1999, refuting the government’s statement that it didn’t invest enough. The company also canceled a shareholder meeting scheduled for tomorrow.

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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