Argentine Stocks: Edenor, Pampa, Tenaris and Transener Advance
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 11:41 a.m. in Buenos Aires. The Merval Index rose 2.8 percent to 2,765.33.
Empresa Distribuidora & Comercializadora Norte SA (EDN AF), Argentina’s largest power distributor, rose 5.9 percent to 1.97 pesos. Argentina’s government announced yesterday it will cut subsidies for water, electricity and gas utilities in a bid to stem a widening budget deficit. This is spurring speculation of rate increases, Juan Jose Vasquez, an analyst at Bull Market Brokers SA, said in a phone interview yesterday.
Cia de Transporte de Energia Electrica en Alta Tension Transener S.A. (TRAN AF), the country’s largest transmission line operator, gained 4.3 percent to 1.46 pesos.
Pampa Energia SA (PAMP) , Argentina’s largest power company, increased 1.2 percent to 2.48 pesos, its second day of gains. Pampa’s thermoelectric generation unit Central Termica Loma de La Lata SA began operations of a 165-megawatt expansion yesterday, according to a statement posted yesterday on the website of the Buenos Aires stock exchange.
Tenaris SA (TEN) jumped 9.9 percent to 82.15 pesos and earlier increased 10 percent, the most on an intraday basis since January 2009. The world’s largest producer of seamless steel pipes used in the oil industry said profit rose 7 percent in the third quarter on higher demand in the U.S. and Europe and increased prices.
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