Argentine Stocks: BBVA Banco Frances and Tenaris Advance
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 11:48 a.m. New York time.
The Merval Index rose 1.7 percent to 2,864.96.
Tenaris SA (TEN) gained 4.8 percent to 70.95 pesos, the biggest increase in four weeks. The world’s largest producer of seamless steel tubes used in the oil industry advanced in line with crude prices, which rose in New York as a weather system threatened to reduce production from the Gulf of Mexico.
BBVA Banco Frances SA (FRAN) , the local unit of Spanish lender Banco Bilbao Vizcaya Argentaria SA, increased 3.3 percent to 11.1 pesos, the steepest gain in a week. Argentine sovereign bond prices rose today, which signals higher value for banks’ fixed income holdings.
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