Argentine Stock Movers: Cresud, Petroleo Brasileiro, Rosenbusch
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4:01 p.m. New York time.
The Merval Index fell 0.8 percent to 2,641.40.
Cresud SACIFYA (CRES AF) fell 2.4 percent to 6.63 pesos, its second straight day of losses. The Argentine agroindustrial and real estate firm was reiterated “market perform” by Raymond James Latin America SA, according to an e-mailed note to clients.
Instituto Rosenbusch SA (ROSE AF) rose 12.9 percent to 2.19 pesos, its steepest increase since January 2002. An undisclosed bank has put up for sale a “major” package of stocks in the Argentine veterinary products company, and investors are seizing the shares betting on potential growth in Argentina’s agroindustrial sector, Rafael Aldazabal, president of Buenos Aires-based brokerage Aldazabal y Cia. S.A. Sociedad de Bolsa, said in a telephone interview.
Petrolero Brasileiro SA (APBR AF) fell 3.8 percent to 68.6 pesos, and has lost 7.6 percent in the last four sessions. Brazil’s state-controlled oil company plunged on concern its $70 billion stock sale exhausted demand for the company’s shares.
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