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Argentine Stock Movers: Siderar, Tenaris, Sociedad Comercial

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Aug. 26 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4 p.m. New York time.

The Merval Index increased 0.6 percent to 2,883.89.

Shares of Argentine industrial companies rose after Federal Reserve Chairman Ben S. Bernanke stopped short of signaling further stimulus to aid the world’s largest economy, easing investors’ concern about the outlook for growth.

Siderar SAIC (ERAR AF), Argentina’s largest steel producer and exporter, rose 1.6 percent to 32.40 pesos.

Tenaris SA (TS AF), the world’s largest producer of steel tubes used in the petroleum industry, gained 1.1 percent to 70.25 pesos.

Sociedad Comercial del Plata SA (COME AF) surged 10 percent to 72 centavos. The holding company with subsidiaries that produce petroleum products gained on speculation it would reach an agreement on the restructuring of its debt, according to Juan Jose Vazquez, an equity analyst at Bull Market Brokers SA.

Egg products company Ovoprot International SA sold $6.4 million in an initial public offering in Buenos Aires, the company said in a statement to the securities regulator.

The company sold 3.3 million shares at 8 pesos per share, according to today’s statement.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

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

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