Argentine Stocks: Grupo Galicia, BBVA Banco Frances, YPF
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 3:46 p.m. in Buenos Aires.
The Merval (MERVAL) Index fell 1.9 percent to 2,716.74.
Stocks fell amid concern that companies may not pay dividends, Guido Bizzozero, an analyst at brokerage Allaria Ledesma Cia., said in a telephone interview from Buenos Aires. “With earnings reports for the fourth quarter coming up, it’s still in question which companies will be able to distribute dividends and if they’ll be able to distribute them to foreign investors,” Bizzozero said.
Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, fell 4.3 percent to 3.32 pesos. BBVA Banco Frances SA (FRAN) , the local unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, plunged 2.6 percent to 9.40 pesos. Banco Macro SA (BMA) (BMA AF), Argentina’s largest lender by market share, decreased 3.7 percent to 10.40 pesos.
YPF SA (YPFD) , Argentina’s largest oil company, rose 4.6 percent to 160 pesos. Repsol YPF SA’s Argentine unit estimates its shale oil resources at the Vaca Muerta formation contain about 23 billion barrels, according to two people familiar with the situation. The unit previously announced resources of about 1 billion barrels.
To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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