Argentine Stocks: Banco Frances, Grupo Galicia, Petrobras Fall
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 2.9 percent to 2,454.00.
BBVA Banco Frances SA (FRAN) dropped 4.3 percent to 8.23 pesos. The Argentine unit of Spain’s Banco Bilbao Vizcaya Argentaria SA fell today in line with global equity markets, which dropped on fears that U.S. lawmakers will fail to reach an agreement to cut the budget deficit and on concern that Europe’s debt crisis will send the region’s economy into a recession.
Grupo Financiero Galicia SA (GGAL) fell 3.6 percent to 3.20 pesos, its lowest price since August 2010 and its fourth day of losses.
Petroleo Brasileiro SA (PETR4) lost 3.8 percent to 59.4 pesos. Brazil’s state-controlled oil company retreated in line with crude prices.
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