--GDP Warrants rebound after three days of losses
--Stocks close higher, led by steel producer Siderar
--Peso weakens a bit
By Taos Turner
BUENOS AIRES--Argentina's GDP warrants rebounded Thursday after
three consecutive days of declines.
The securities, which are tied to economic growth, plunged
earlier this week after investors learned that Chaco province had
made a U.S. dollar-denominated bond payment in pesos because it
couldn't get central bank approval to buy dollars.
The TVPA GDP warrant rose 3% to ARS77.25; the TVPP rose 0.87% to
ARS14.43; the TVPY rose 1.65% to ARS79.30.
Last week, Chaco paid interest and principal in pesos on its
dollar-denominated bonds after it fell victim to an almost year-old
crackdown on the foreign currency market.
The payment raised concern that other dollar-denominated bond
payments night also be converted into pesos.
Stocks gained ground.
The Merval index rose 1.24% to 2417.62 in minimal volume
totaling ARS20 million ($4.23 million).
Steel producer Siderar SAIC (ERAR.BA) led the gains, rising
3.84% to ARS1.35.
The most traded shares belonged to the financial conglomerate
Grupo Financiero Galicia SA (GGAL.BA, GGAL), which rose 2.55% to
ARS3.61. Steel producer Tenaris (TS, TEN.MI) was unchanged at
ARS127.
Power distributor Edenor (EDN.BA) led the declines, falling
0.59% to ARS0.665.
The peso weakened to ARS4.7205 to the U.S. dollar on the MAE
foreign-exchange wholesale market, compared with ARS4.7160 in the
previous session. On the black market, Argentines were paying
between ARS6.20 and ARS6.21 a dollar, according to financial
newspaper El Cronista.
Write to Taos Turner at taos.turner@dowjones.com