Bloomberg News

Argentine Stocks: Grupo Galicia, Telecom Argentina Were Active

June 28, 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 0.5 percent to 2,268.11.

Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, fell 1.7 percent to 2.94 pesos, its fourth day of losses. Argentine stocks retreated in line with global markets after the U.S. reported disappointing employment figures, Ruben Pascuali, a trader and analyst at Buenos Aires- based brokerage Mayoral Bursatil, said in a phone interview.

Telecom Argentina SA (TECO2 AF) rose 1 percent to 15.1 pesos. Argentina’s largest telecommunications company rose in line with the price of its American depositary receipts amid cheap valuations as the shares caught up with a rally in dollar- denominated Argentine sovereign bonds, Carlos Aszpis, an 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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