Argentine Stocks: Sociedad Comercial, Petrobras, Tenaris Advance
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 climbed 5 percent to 2,949.01, its biggest advance since May 2010. All 19 stocks on the index advanced.
Aluar Aluminio Argentino SAIC (ALUA) , which produces and sells aluminum and aluminum products for domestic use and export, rose 5.3 percent to 4.16 pesos. Aluminum gained on the London Metals Exchange for the second day in the last three sessions.
Sociedad Comercial del Plata SA (COME) , a holding company that produces petroleum products through its subsidiaries, surged 15 percent to 72 centavos, its biggest increase since March 2010. Crude for September delivery rose $2.83 to settle at $85.72 a barrel on the New York Mercantile Exchange. Brent crude oil will rise to about $100 to $130 a barrel over the next 12 months as producers, led by Saudi Arabia, are able to reduce supply to support prices, according to Barclays Capital.
Petrobras Argentina SA (PESA AF), the Argentine unit of Brazil’s state-run oil company, rose 5.6 percent to 7.39 pesos.
Tenaris SA (TEN) , the world’s largest producer of seamless steel tubes used in the petroleum and mechanical industries, rose 4 percent to 73.30 pesos.
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