Argentine Stocks: Grupo Financiero Galicia, Tenaris and YPF
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 12:44 p.m. in Buenos Aires.
The Merval (MERVAL) Index fell 1.5 percent to 2,679.11.
Grupo Financiero Galicia SA (GGAL) retreated 1.2 percent to 3.38 pesos. Argentina’s largest consumer lender retreated in line with global markets after manufacturing contracted in Europe and China, undermining confidence in the world economy.
Tenaris SA (TS) dropped 2.6 percent to 97.70 pesos, its third day of losses. The world’s largest producer of seamless steel tubes used in the oil industry fell as the price of crude retreated in New York.
YPF SA (YPFD) fell 3.6 percent to 144.50 pesos. Argentina’s largest oil company proposed yesterday giving investors new shares equal to 91 percent of 2011 profit. Deputy Economy Minister Axel Kicillof said the government would use “all measures” to oppose the plan, while Cabinet Chief Juan Manuel Abal Medina yesterday retracted comments in a March 20 radio interview in which he had ruled out a takeover of the company.
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