March 26 (Bloomberg) -- 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 0.7 percent to 2,691.76.
Banco Macro SA (BMA AF), Argentina’s largest lender by market share, fell 4.6 percent to 10.35 pesos, the most in more than four months. Financial stocks fell today on recent signs of a slowdown in the local economy, Augusto Posleman, head of private banking at Buenos Aires-based brokerage Puente Hermanos Soc de Bolsa SA, said in an interview.
Empresa Distribuidora & Comercializadora Norte SA (EDN AF), the power distributor also known as Edenor, dropped 6.8 percent to 0.96 pesos. Argentina’s biggest power distributor has retreated 8.6 percent in the last two days after JPMorgan Chase & Co. said March 23 that the company may default next year as the government’s caps on utility rates constrain cash flows.
Telecom Argentina SA (TECO2 AF) fell 1.6 percent to 18.6 pesos. Argentina’s largest telecommunications company will ask shareholders to vote on whether to reinvest or pay dividends from its 2011 profits, according to the minutes of its last board meeting, posted on the website of the Buenos Aires stock exchange. The company also had its rating cut to the equivalent of hold from the equivalent of buy at Morgan Stanley.
YPF SA (YPFD AF) lost 1.9 percent to 143 pesos. Argentina’s largest energy company had an oil field concession revoked in the province of Salta. This is the 10th field lost by the company this month as the government seeks increased investment. Fitch Ratings cut its credit rating to “B” from “B+” citing the concession withdrawals.
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