Argentine Stocks: Grupo Galicia, Petrobras, Tenaris Increase

The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 11:10 a.m. New York time.

The Merval Index rose 3.4 percent to 2,830.58. It earlier climbed as much as 4.1 percent, its biggest intraday advance since November 2010. All 19 stocks in the index gained.

Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, rose 4.4 percent to 5.19 pesos. The price of Argentine dollar-denominated government bonds increased today, which signals greater value for banks’ fixed-income holdings. Banco Macro SA (BMA) , Argentina’s largest lender by market value, advanced 4.8 percent to 13 pesos.

Sociedad Comercial del Plata SA (COME) , a holding company that produces petroleum products through its subsidiaries, added 4.5 percent to 63 centavos. Oil recovered from its lowest in more than 10 months in New York amid speculation that the Federal Reserve may strengthen its commitment to monetary stimulus, helping drive demand in the world’s largest economy. Petroleo Brasileiro SA (PETR4) climbed 4.9 percent to 58.20 pesos.

Tenaris SA (TEN) , the world’s largest producer of seamless steel tubes used in the petroleum and mechanical industries, rose 4.1 percent to 73.10 pesos, in line with rising crude oil prices.

To contact the reporter on this story: Bryan Gibel in New York at bgibel@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.ne

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