Argentine Stocks: Cresud Gains; Siderar and Tenaris Retreat
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 3.1 percent to 2,783.34.
Cresud SA (CRES AF) rose 1.6 percent to 6.3 pesos, ending a four day losing streak. The Argentine agro-industrial company sold on Sept. 2 $60 million of three-year bonds to yield 7.5 percent.
Siderar SAIC (ERAR) dropped 3.2 percent to 25.95 pesos, its lowest level in 11 months. Argentina’s largest steel producer fell in line with base metal prices, which retreated on concern slumping economies may slow demand.
Tenaris SA (TEN) fell 4.3 percent, the steepest fall in two weeks, to 67.5 pesos. The world’s largest producer of seamless steel tubes used in the oil industry retreated in line with global crude prices.
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