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Argentine Stocks: Siderar SAIC Declines, Tenaris Advances

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Feb. 22 (Bloomberg) -- The following companies are having unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 2:43 p.m. in Buenos Aires.

The Merval Index rose 1.1 percent to 2,830.07.

Siderar SAIC (ERAR AF), a unit of Luxembourg-based Ternium SA, dropped 2 percent to 24.40 pesos after Ternium, Latin America’s second-largest steelmaker, reported fourth-quarter profit that missed analysts’ estimates. Ternium’s forecast for lower operating income this quarter was “a negative surprise,” Christian Reos, an analyst at Allaria Ledesma & Cia. brokerage in Buenos Aires, said by telephone today.

Tenaris SA (TS AF), the world’s largest producer of seamless steel tubes used in the oil industry, rose 2.7 percent to 98.60 pesos as oil held near a nine-month high in New York.

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

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