Argentine Stocks: Garovaglio, Grupo Clarin and Tenaris

The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 1:02 p.m. in Buenos Aires.

The Merval (MERVAL) Index fell 0.4 percent to 2,746.96.

Garovaglio & Zorraquin SA (GARO AF) rose 7.3 percent to 5.42 pesos, its highest price in more than nine years. The Argentine holding company has gained 16 percent in the past two days after reporting net income of 9.7 million pesos ($2.2 million) in the six months to Dec. 31. This compares with 3.1 million pesos a year earlier, according to data compiled by Bloomberg.

Grupo Clarin SA (GCLA) increased 4.8 percent to 11 pesos. Controlling shareholders of Argentina’s largest media group have been granted an offer to buy 22 million class “C” shares in the company from equity funds controlled by Goldman Sachs Group at $6.80 per global depositary share.

Tenaris SA (TEN) advanced 1 percent to 95 pesos. The world’s largest producer of seamless steel tubes used in the oil industry rose in line with the price of crude.

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.