Argentine Stocks: BBVA Banco Frances Rises; Tenaris, TGS Fall
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 3:09 p.m. New York time.
The Merval Index fell 1.1 percent to 3,383.14.
BBVA Banco Frances SA (FRAN AF) rose 0.6 percent to 15.70 pesos. Argentine banks have room to continue rallying and Frances would be the safest way to invest in the sector, instead of rivals such as Grupo Financiero Galicia SA or Banco Macro SA, Banco Santander SA wrote today in an e-mailed note to clients.
Tenaris SA (TS AF), the world’s largest producer of seamless steel tubes used in the oil industry, fell 1.1 percent to 94.10 pesos. Crude oil dropped on the New York Mercantile Exchange after the Federal Reserve said it would retain its plan to buy $600 billion of Treasuries by June, strengthening the dollar.
Transportadora de Gas del Sur SA (TGSU2 AF) fell 2.2 percent to 4.55 pesos. The Buenos Aires-based natural gas transport company was cut to “hold” from “buy” at Allaria Ledesma. The brokerage kept its price estimate of 4.10 pesos in an e-mailed note to clients.
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