Argentine Stock Movers: BBVA Banco Frances, Grupo Galicia Gain
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 3:00 p.m. New York time.
The Merval Index rose 3.2 percent to 3,367.15.
BBVA Banco Frances SA (FRAN AF) increased 4.7 percent to 15.60 pesos, the steepest rise in a month. The Argentine unit of Banco Bilbao Vizcaya Argentaria SA was raised to “hold” from “sell” at Deutsche Bank by equity analyst Tito Labarta, with a 12-month price estimate of $11 per American depositary receipt.
Grupo Financiero Galicia SA (GGAL AF) rose 3.9 percent to 6.39 pesos, the largest increase in a week. Argentina’s biggest consumer lender gained along with global equity markets, which rallied on speculation of a larger European financial rescue and positive manufacturing and jobs data in the U.S.
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