Bloomberg News

Argentine Stocks: YPF and Grupo Financiero Galicia Were Active

May 16, 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 retreated 2.4 percent to 2,160.44.

YPF SA (YPFD) slumped 7.2 percent to 76.60 pesos, the biggest drop in four weeks. The Argentine oil company is seeking formal waivers from its creditors to avoid immediate payment of approximately $1.6 billion in debt, it said today in a filing to the Securities and Exchange Commission. The Argentine government also said it’s extending oversight of YPF for an additional 30 days.

Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, fell 3.4 percent to 2.81 pesos, its sixth day of losses. Bank stocks in Argentina fell in line with global equities amid concern that Greece will be forced to leave the euro area.

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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