Argentine Stock Movers: BBVA Banco Frances, Tenaris and TGS
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 9:50 a.m. New York time.
The Merval Index rose 2.8 percent to 3,254.00.
BBVA Banco Frances SA (FRAN AF) gained 4.3 percent to 15.90 pesos, the largest increase in two weeks. Argentina’s second- largest lender by market value led gains among members of the Merval index in line with global equities which rose on prospects of a rescue package for Irish banks from the European Union.
Tenaris SA (TS AF) rose 2.9 percent to 89.50 pesos, its second day of gains. The world’s largest manufacturer of seamless steel tubes used in the oil industry was rated new “overweight” at Barclays Plc by equity analyst James Crandell.
Transportadora de Gas del Sur SA (TGSU2 AF) increased 7.3 percent to 3.70 pesos, the steepest increase in more than a year. The natural gas transporter has gained in recent days after posting “positive” third-quarter results last week, and on speculation that there may be an increase in the tariffs the company charges, after years of being frozen, Rafael Aldazabal, president of Buenos Aires-based brokerage firm Aldazabal y Cia., said in a telephone interview.
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