Argentine Stocks: Banco Macro, Galicia, Juan Minetti, Telecom
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 2:02 p.m. in Buenos Aires.
The Merval Index fell 3.3 percent to 2,393.22.
Banco Macro SA (BMA) , Argentina’s largest lender by market share, dropped 3.7 percent to 9 pesos, its fifth day of losses. Argentine bank employees will ask banks to distribute 10 percent of their profits among workers as part of 2012 wage negotiations, El Cronista reported.
Grupo Financiero Galicia SA (GGAL) , the country’s largest consumer lender, fell 5.3 percent to 2.88 pesos, its lowest price since August 2010.
Juan Minetti SA (JMIN) was unchanged at 4.8 pesos, with more than 4 times the average volume of the last three months. The Argentine cement producer announced it will pay 70.4 million pesos ($16.4 million) in anticipated dividends, according to a statement posted yesterday on the website of the Buenos Aires stock exchange.
Telecom Argentina SA (TECO2 AF) dropped 5.6 percent to 17 pesos. The Argentine telephone operator led losses among members of the Merval (MERVAL) index after global markets fell on concern that Europe is struggling to contain its debt crisis. The company awarded a services contract worth 2.4 million euros ($3.1 million) to its controller Telecom Italia SpA, according to a statement posted yesterday on the website of the Buenos Aires stock exchange.
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