Argentine Stocks: Edenor, Telecom Argentina and YPF Were Active
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close in Buenos Aires.
The Merval (MERVAL) Index rose 1.4 percent to 2,711.87.
Empresa Distribuidora & Comercializadora Norte SA (EDN) , the power distributor also known as Edenor, fell 1.9 percent to 1.03 pesos. Argentina’s biggest power distributor may default next year as the government’s caps on utility rates constrain cash flows, according to a report e-mailed by JPMorgan Chase & Co. today.
Telecom Argentina SA (TECO1) (TECO2 AF) fell 1.6 percent to 18.9 pesos. The company won’t distribute dividends based on 2011 profit, newspaper Pagina/12 reported, without saying where it obtained the information. Officials at Telecom Argentina didn’t immediately respond to a message left by Bloomberg News.
YPF SA (YPFD) rose 1.6 percent to 145.75 pesos. Argentina’s largest energy company had its credit rating cut to Ba3 from Ba2 at Moody’s and also had two oil concessions canceled in the province of Mendoza. The stock’s 23 percent tumble from Jan. 26 through yesterday reflected investors’ anticipation of the moves, giving the stock the room to rebound today, Carlos Aszpis, an equity strategist at Schweber & Cia. Soc. de Bolsa SA, said in an interview from Buenos Aires.
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