Argentine Stock Movers: Siderar SAIC and YPF SA Are Active
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 1:15 p.m. in Buenos Aires.
The Merval (MERVAL) Index fell 2.2 percent to 2,696.78.
Siderar SAIC (ERAR) was little changed at 23.95 pesos after earlier increasing as much as 3.3 percent. Argentina’s largest steel producer has gained as much as 13 percent in the last two days, its biggest two-day advance in more than four months, after announcing March 2 it will proceed with a dividend payment in new shares on March 12.
YPF SA (YPFD) fell 5.3 percent to 135 pesos. The southern Argentine province of Santa Cruz demanded that the country’s biggest oil producer and distributor fulfill its investment commitments, state news agency Telam reported yesterday. The province of Chubut said March 2 it would give the company seven days to provide a “working plan” to increase production. YPF has been under pressure from Argentine President Cristina Fernandez de Kirchner to increase production after she said oil companies doubled fuel imports in 2011.
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