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Argentine Stocks: Grupo Galicia, Siderar and YPF Were Active

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 Index fell 2.4 percent to 2,690.58.

Grupo Financiero Galicia SA (GGAL AF) retreated 3.2 percent to 3.38 pesos, its second day of losses. Argentina’s largest consumer lender led the Merval lower, accounting for 19 of the 67 points the benchmark index fell today, after China cut its annual GDP growth target to 7.5 percent from 8 percent.

Siderar SAIC (ERAR AF) rose 1.5 percent to 24.3 pesos. Argentina’s largest steel producer has gained 11 percent in the last two days, its biggest two-day advance in more than three months, after announcing March 2 it will proceed with a dividend payment in new shares on March 12.

YPF SA (YPFD AF) fell 6.9 percent to 132.7 pesos. The southern Argentine province of Santa Cruz demanded that the country’s biggest oil producer and distributor fulfill its investment commitments, state news agency Telam reported yesterday. The province of Chubut said March 2 it would give the company seven days to provide a “working plan” to increase production. YPF has been under pressure from Argentine President Cristina Fernandez de Kirchner to increase production after she said oil companies doubled fuel imports in 2011.

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