Bloomberg News

Argentine Stocks: Banco Frances, Banco Macro and Tenaris

July 06, 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 2,383.69, pushing the weekly gain to 1.6 percent.

Banco Macro SA (BMA) retreated 1.7 percent to 8.10 pesos, extending its two-day decline to 8.9 percent, the most in almost three months. Argentina’s largest lender by market share fell after the government announced it will force the country’s largest banks to provide loans for corporate investments, Juan Jose Vazquez, an analyst at brokerage Bull Market Brokers, said in a phone interview from Buenos Aires.

BBVA Banco Frances SA (FRAN) , the local unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, dropped 0.7 percent to 7.50 pesos.

Tenaris SA (TS) fell 1 percent to 115.2 pesos, its third day of losses. The world’s largest producer of seamless steel tubes used in the oil industry declined 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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