Argentine Stocks: Molinos, Tenaris Gain; Transportadora Falls
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 5 p.m. New York time.
The Merval Index rose 0.4 percent to 3,326.94.
Molinos Rio de la Plata (MOLI) SA, the Argentine food company and soy processor that gets most of its revenue from outside of Argentina, climbed 3.3 percent to 30 pesos, its highest price in a month, as a U.S. government report showed that dry weather has eroded crop conditions in the country, the world’s biggest exporter. Exports of soy oil and other food products account for two-thirds of Molinos’ revenue. Soybean futures for November delivery rose 4 cents, or 0.3 percent, to $13.19 a bushel.
Tenaris SA (TEN) , the world’s biggest maker of seamless Steel pipes, advanced 0.9 percent to 95.15 pesos as commodity prices rallied on optimism that Greece will receive loans sufficient to prevent a default. The Thomson Reuters/Jefferies CRB Index of 19 raw materials advanced 1.7 percent, its biggest gain since May 18.
Transportadora de Gas del Sur SA (TGSU2) (TGSU2 AF), a Buenos Aires-based natural gas transporter, dropped 2.7 percent to 3.25 pesos as the government ordered rationing because cold weather conditions in the Southern Hemisphere winter boosted demand.
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