Argentine Stocks: Banco Frances, Petrobras Argentina and Molinos

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 fell 0.5 percent to 2,276.42.

BBVA Banco Frances SA (FRAN) retreated 1.5 percent to 7.39 pesos. Spain’s Banco Bilbao Vizcaya Argentaria SA (BBVA), the parent bank of Banco Frances, had its long-term credit rating cut yesterday by Moody’s Investors Service to Baa3 from A3.

Petrobras Argentina SA (PESA) gained 2.8 percent to 5.12 pesos. The Argentine unit of Brazil’s state-controlled oil company Petroleo Brasileiro SA (PETR4) discovered a new oil and gas deposit in Santa Cruz province, according to a statement distributed yesterday by e-mail.

Molinos Rio de la Plata SA (MOLI AF) advanced 1.1 percent to 22.50 pesos. Argentina’s largest food company bought snack company Emprendimientos Joralfa SA for $15.2 million, according to a statement sent yesterday to the Buenos Aires stock exchange.

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.