The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close in Buenos Aires. The Merval Index rose 0.6 percent to 2,693.62.
Aluar Aluminio Argentino SAIC (ALUA) fell 1.1 percent to 3.55 pesos, its second day of losses. Argentina’s largest aluminum producer will produce approximately 40,000 less tons of aluminum at its Puerto Madryn plant as it returns to normal production levels in the next four months, according to a statement posted on the website of the Buenos Aires exchange. Aluar said Nov. 7 that the plant was operating at between 75 and 80 percent capacity after rains affected power generation.
Empresa Distribuidora & Comercializadora Norte SA (EDN AF), Argentina’s largest power distributor, rose 1.8 percent to 1.69 pesos. Argentina is more than doubling electricity rates for the biggest commercial users as of next month, according to a statement in today’s official gazette.
Petroleo Brasileiro SA (PETR4) gained 0.5 percent to 62.6 pesos. Brazil’s state-controlled oil company found traces of crude and gas at an offshore well in the Pirambu field of the country’s Campos Basin, according to a posting on the website of Brazil’s National Petroleum Agency.
YPF SA (YPFD) rose 4.3 percent to 167 pesos. YPF’s controller, Spain’s Repsol YPF, is planning to invest $400 million in Argentina next year to develop new oil deposits in Neuquen province, El Cronista reported.
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