Argentine Stocks: Banco Macro, Grupo Galicia, 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 (MERVAL) index fell 0.2 percent to 2,352.83.
Some of Argentina’s most-traded stocks rose as they have been able to decouple from the negative news caused by the nationalization of oil producer YPF SA (YPFD), Marcelo Olguin, chief economist at Buenos Aires-based brokerage Grupo SBS, said in a phone interview.
Banco Macro SA (BMA) , the country’s largest lender by market share, rose 4.7 percent to 9.15 pesos, its biggest gain in more than three months, and Grupo Financiero Galicia SA (GGAL) , Argentina’s largest consumer lender, increased 1.7 percent to 3.04 pesos.
YPF SA (YPFD AF) gained 5.1 percent to 81 pesos, ending a four-day losing streak in which the stock fell 37 percent. Investors are betting that the government will eventually pay a higher value to Repsol YPF SA (REP) as compensation for the nationalization of its unit than the multiyear low reached yesterday, Olguin said.
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