Argentine Stocks: Telecom, Banco Macro Gain; Edenor Falls
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 1:58 p.m. in Buenos Aires.
The Merval (MERVAL) Index rose 0.9 percent to 2,791.42.
Telecom Argentina SA (TECO2) (TECO2 AF), the Argentine phone company, advanced 2.9 percent to 19.20 pesos. Profit in 2011 was 2.4 billion pesos ($551 million), an increase of 33 percent from the previous year, Chief Executive Officer Franco Bertone told reporters in Buenos Aires today.
Banco Macro SA (BMA) (BMA AF), Argentina’s largest lender by market share, rose 1.9 percent to 10.80 pesos. Banco Macro climbed for a second day after saying fourth-quarter net income increased 26 percent from a year earlier to 346.4 million pesos.
Empresa Distribuidora & Comercializadora Norte SA (EDN AF), Argentina’s biggest power distributor, dropped 1.5 percent to 1.35 pesos. Edenor fell after Chief Executive Officer Alejandro Macfarlane’s resignation. The company named Edgardo Volosin as the new CEO, according to a filing to the Buenos Aires stock exchange yesterday.
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