Argentine Stocks: Macro and Banco Frances Gain; Petrobras Falls
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 11:30 a.m. New York time.
The Merval Index rose 0.9 percent to 2,730.47.
Banco Macro SA (BMA) gained 4.3 percent to 10.4 pesos, its biggest intraday gain in three weeks. Argentina’s largest lender by market share had its rating increased yesterday to “outperform” from “market perform” by analyst Nicolas Chialva at Itau BBA Securities.
BBVA Banco Frances SA (FRAN) advanced 4.4 percent to 10.6 pesos. The local unit of Spanish lender Banco Bilbao Vizcaya Argentaria SA rose today as investors judged recent declines to be excessive, Juan Jose Vasquez, an analyst at Buenos Aires-based brokerage firm Bull Market Brokers SA, said in a phone interview.
Petroleo Brasileiro SA (PETR4) fell 1.1 percent to 58.4 pesos. Brazil’s state-controlled oil company declined as crude oil fell in New York after a U.S. government report showed an unexpected gain in gasoline stockpiles.
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