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Argentine Stock Movers: Banco Frances, IRSA and YPF Were Active

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May 17 (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 dropped 1.8 percent to 2,121.52.

BBVA Banco Frances SA (FRAN AF) fell 4.9 percent to 7.75 pesos, its steepest fall in more than three months. Moody’s Investors Service announced credit rating downgrades for 16 Spanish banks today, including Frances’s controller, Banco Bilbao Vizcaya Argentaria SA.

IRSA Inversiones y Representaciones SA (IRSA AF) rose 1.6 percent to 4.60 pesos. The Argentine real estate holding company was reiterated at buy at Buenos Aires-based brokerage Allaria Ledesma & Cia., it said in an e-mailed note to clients.

YPF SA (YPFD AF) dropped 1.4 percent to 75.50 pesos, its fifth consecutive day of losses. Credit Suisse Group AG, BNP Paribas SA and two other banks may take over a stake in the oil company seized by Argentina’s government after shareholder Petersen Energia SA defaulted on a loan.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

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

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