Argentine Stocks Barely Changed; YPF Again Leads Declines

Date : 04/24/2012 @ 6:57PM
Source : Dow Jones News
Stock : Grupo Financiero Galicia S.A. ADS, Class B Shares Underlying (MM) (GGAL)
Quote : 39.08  0.0 (0.00%) @ 8:00AM

Argentine Stocks Barely Changed; YPF Again Leads Declines

Grupo Financiero Galicia S.A. ADS, Class B Shares Underlying (MM) (NASDAQ:GGAL)
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Argentine stocks were little changed Tuesday as ongoing concern about oil company YPF SA (YPF, YPFD.BA) pushed it to lead the declines again.

The Merval index rose 0.05% to 2311.18 in volume totaling almost ARS32.7 million ($8.5 million).

Last week, Argentine President Cristina Kirchner asked Congress to nationalize 51% of YPF by expropriating shares from its majority shareholder, Spain's Repsol YPF SA (REP.MC, REPYY).

Government officials haven't said specifically how they will change management of the company other than that they will reinvest dividends instead of distributing them.

YPF fell almost 5% to ARS74.30; Siderar (ERAR.BA) fell 1.4% to ARS1.37; Banco Macro SA (BMA, BMA.BA) fell 1% to ARS8.70; Banco Frances (BRAN.BA) rose almost 2.9% to ARS9.00; Grupo Financiero Galicia SA (GGAL, GGAL.BA) rose 2.6% to ARS3.11; and Tenaris (TS, TEN.MI) rose 0.67% to ARS97.65.

The Global X FTSE Argentina 20 ETF rose 0.55% to $9.19.

The TVPE 2035 euro-denominated GDP warrant rose 1.3% to ARS80.

The peso weakened against the U.S. dollar to ARS4.4115 on the MAE local foreign-exchange wholesale market, compared with ARS4.4075 in the previous session.

About $470 million in currency traded in the market, according to a report by ABC Mercado de Cambios.

The central bank regularly intervenes in the foreign-exchange market buying or selling dollars to build its international reserves and keep the peso on a slow path of depreciation against the dollar, which helps local exporters.

Last year, the peso weakened 7.6% against the dollar.

-By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com




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