Argentine Stocks: Banco Macro, Tenaris Gain; IRSA, Morixe Fall

The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4:01 p.m. New York time.

The Merval Index rose 0.1 percent to 2,482.63.

Banco Macro SA (BMA) rose 3.4 percent to 9.85 pesos, the biggest gain in a week. Argentina’s largest lender bought 378,795 of its own shares at an average price of 9.78 pesos per share, according to a statement posted today on the website of the Buenos Aires stock exchange. The bank announced Sept. 15 a plan to buy as much as 200 million pesos of its own shares and bought 406,215 shares yesterday.

IRSA Inversiones & Representaciones SA (IRSA AF) fell 9.1 percent to 4 pesos, the biggest drop since November 2008. Cresud SACIF y A (CRES), IRSA’s controller, acquired 2.96 million American depositary receipts in the company, according to a statement posted yesterday on the website of the Buenos Aires stock exchange.

Morixe Hermanos (MORI) SA fell 1.5 percent to 6.4 pesos. The Argentine flour producer approved the issuance of 5.2 million pesos in new shares that will be distributed among current shareholders, according to a statement posted on the website of the Buenos Aires exchange.

Tenaris SA (TEN) increased 0.2 percent to 59.9 pesos. The world’s largest producer of seamless steel tubes used in the oil industry rebounded today in line with global equity markets after five days of losses.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

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

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