Argentine Stocks: Banco Macro, Telecom Argentina and Transener

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 gained 1.5 percent to 2,248.37.

Banco Macro SA (BMA) advanced 2.7 percent to 8.37 pesos, the most in two weeks. Argentina’s largest lender by market share was increased to outperform, the equivalent of buy, from market perform at Raymond James Financial Inc., according to data compiled by Bloomberg.

Cia. de Transporte de Energia Electrica en Alta Tension Transener SA (TRAN AF), the operator of the country’s transmission grid, jumped 15 percent to 0.713 peso.

Empresa Distribuidora & Comercializadora Norte SA (EDN) surged 20 percent to 0.762 peso, the most since at least 2007. Argentina’s largest power distributor gained on speculation a nationalization of power wholesaler Cammesa may be beneficial for the sector, Marcelo Olguin, chief economist at Buenos Aires- based brokerage Grupo SBS, said in a phone interview.

Telecom Argentina SA (TECO2 AF) rose 1.8 percent to 15.30 pesos. The nation’s largest telecommunications company said May 4 that first-quarter profit increased 11 percent from a year earlier to 708 million pesos ($160 million). Sales rose 24 percent to 5.1 billion pesos, according to a filing on the securities regulator’s website.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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