Argentine Stocks: Banco Macro, Soc. Comercial del Plata, Tenaris
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4:15 p.m. New York time.
The Merval Index fell 6 percent to 3,109.86 for its biggest one-day drop since October 2009. It was the worst performer among 91 equity gauges tracked by Bloomberg.
Aluar Aluminio Argentino SAIC (ALUA) , which produces and markets aluminum products, dropped 5.3 percent to 4.45 pesos. Aluminum for three-month delivery fell on the London Metal Exchange.
Banco Macro SA (BMA) , Argentina’s largest lender by market value, slid 7.9 percent to 13.35 pesos. The price of Argentine dollar-denominated government bonds fell, signaling lower value for banks’ fixed-income holdings. Banco Hipotecario SA (BHIP) lost 6.8 percent to 2.20 pesos.
Sociedad Comercial del Plata SA (COME) , a holding company that produces petroleum products through its subsidiaries, fell 7.9 percent to 69 centavos as oil dropped. Crude for September delivery declined 5.8 percent to $86.63 a barrel on the New York Mercantile Exchange, erasing this year’s gains. Petroleo Brasileiro SA (PETR4) fell 7.3 percent to 65 pesos.
Tenaris SA (TEN) , the world’s largest producer of steel tubes used in the petroleum and mechanical industries, dropped 9.9 percent to 81.60 pesos. Shares fell to the lowest level in more than 20 months in Milan after quarterly profit missed analysts’ estimates.
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