BBVA Banco Frances SA (FRAN AF), the Argentine lender and unit of Spain’s Banco Bilbao Vizcaya Argentaria SA, rose 6.4 percent to 9.10 pesos and earlier gained as much as 7 percent, the most in a year on an intraday basis. The price of Argentine sovereign bonds gained today, which signals higher value for banks’ fixed income assets.
Empresa Distribuidora & Comercializadora Norte SA (EDN AF) rose 6.8 percent to 1.42 pesos. Argentina’s biggest power distributor, also known as Edenor, agreed to sell stakes in power generator Emdersa Generacion Salta SA to its controller Pampa Energia SA for $10.8 million, Pampa said in a statement distributed by PRNewswire.
Pampa Energia SA (PAMP AF), Argentina’s largest power company, rose 3.8 percent to 2.16 pesos.
Siderar SAIC (ERAR AF) advanced 4.9 percent to 22.5 pesos, its second day of gains. Argentina’s largest steel producer rose in line with base metal prices on bets that Europe will be able to stem its sovereign debt crisis.
–Editors: Glenn J. Kalinoski, Marie-France Han
Fuente: businessweek.com