Bloomberg News

Argentine Stocks: Banco Frances, Tenaris and YPF Were Active

June 12, 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 0.1 percent to 2,178.26.

BBVA Banco Frances SA (FRAN) , the Argentine unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, gained 3.6 percent to 7.25 pesos, its biggest increase in more than a month. Bank stocks rose today after several days of losses as investors looked for bargains, Juan Jose Vasquez, an analyst at Buenos Aires-based brokerage firm Bull Market Brokers, said in a phone interview today.

Tenaris SA (TS) increased 2 percent to 104.1 pesos. The world’s largest producer of seamless steel tubes used in the oil industry rose in line with the price of crude in New York.

YPF SA (YPFD) fell 8.2 percent to 67.9 pesos, its lowest price since March 2009. Argentina’s largest oil company is retreating amid speculation the government will postpone any decisions regarding compensation for Spain’s Repsol SA after the company’s nationalization, Carlos Aszpis, an equity strategist at Buenos Aires-based brokerage Schweber & Cia., said in a telephone interview today.

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


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus