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Argentine Stocks: Banco Macro, Grupo Galicia, Metrogas Drop

The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close of trading in Buenos Aires.

The Merval Index fell 1.3 percent to 2,769.56.

Financial company shares declined after UBS AG, Switzerland’s largest bank, reported profit slumped 76 percent. Argentine government bond prices fell today, which signaled lower value for banks’ fixed-income holdings.

Banco Macro SA (BMA AF), Argentina’s largest lender by market share, plunged 4.4 percent to 10.80 pesos, the largest drop since Nov. 16. Grupo Financiero Galicia SA (GGAL AF), Argentina’s largest consumer lender, fell 3.3 percent to 3.47 pesos. BBVA Banco Frances SA (FRAN AF), the local unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, decreased 0.9 percent to 9.65 pesos.

Metrogas SA (METR AR), the Argentine natural gas distribution company, fell 5.1 percent to 84 centavos. Metrogas filed its final proposal for paying unsecured creditors with the U.S. Securities and Exchange Commission today. The plan will be considered at a creditors’ meeting on Feb. 24. Metrogas filed for bankruptcy in Buenos Aires on June 17, 2010.

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