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.
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