Argentine Stocks: Edenor, Telecom Argentina and YPF Are Active
The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 12:56 p.m. in Buenos Aires.
The Merval (MERVAL) Index fell 1.1 percent to 2,681.48.
Empresa Distribuidora & Comercializadora Norte SA (EDN) , the power distributor also known as Edenor, dropped 4.4 percent to 0.99 pesos. Argentina’s biggest power distributor has retreated as much as 8.3 percent in the last two days after JPMorgan Chase & Co. said March 23 that the company may default next year as the government’s caps on utility rates constrain cash flows.
Telecom Argentina SA (TECO1) (TECO2 AF) fell 3.2 percent to 18.3 pesos, its steepest fall in three weeks. Argentina’s largest telecommunications company will ask shareholders to vote on whether to reinvest or pay dividends from its 2011 profits, according to the minutes of its last board meeting, posted on the website of the Buenos Aires stock exchange. The company also had its rating cut to the equivalent of hold from the equivalent of buy at Morgan Stanley.
YPF SA (YPFD) lost 1.8 percent to 143.1 pesos. Argentina’s largest energy company had an oil field concession revoked in the province of Salta. This is the 10th field lost by the company this month as the government seeks increased investment.
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