Argentine Stocks: BBVA Banco Frances, Carlos Casado and Tenaris
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4 p.m. New York time.
The Merval Index fell 1.1 percent to 3,313.18.
BBVA Banco Frances SA (FRAN) retreated 3.1 percent to 15.60 pesos, the steepest fall in two months. Investors are selling local shares to do arbitrage with the bank’s American depositary receipts, Guillermo Maresco, a trader at the brokerage unit of Banco de la Nacion Argentina, said in a telephone interview today.
Carlos Casado SA (CADO) rose 3 percent to 6.95 pesos, the steepest increase in more than a month. The Argentine livestock company has received an offer of $16.4 million for 32,900 hectares of land it owns in Paraguay, according to a statement posted on the website of the Buenos Aires stock exchange.
Tenaris SA (TEN) increased 1.5 percent to 99.50 pesos, its highest value in more than six weeks. The world’s largest producer of seamless steel tubes used in the oil industry rose to catch up with gains the company posted March 24 and 25 in other markets where it traded. Argentine markets were closed those days for local holidays.
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