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 rose 3.5 percent to 2,782.87.
Empresa Distribuidora & Comercializadora Norte SA (EDN AF), Argentina’s largest power distributor, rose 3.2 percent to 1.92 pesos. Argentina’s government announced yesterday it will cut subsidies for water, electricity and gas utilities in a bid to stem a widening budget deficit. This is spurring speculation of rate increases, Juan Jose Vasquez, an analyst at Bull Market Brokers SA, said in a phone interview yesterday.
Cia de Transporte de Energia Electrica en Alta Tension Transener SA (TRAN AF), the country’s largest transmission line operator, gained 1.4 percent to 1.42 pesos.
Pampa Energia SA (PAMP AF), Argentina’s largest power company, increased 0.8 percent to 2.47 pesos, its second day of gains. Pampa’s thermoelectric generation unit Central Termica Loma de La Lata SA began operations of a 165-megawatt expansion yesterday, according to a statement posted yesterday on the website of the Buenos Aires stock exchange.
Tenaris SA (TS AF) jumped 12 percent to 83.75 pesos, the biggest increase since November 2008. The world’s largest producer of seamless steel pipes used in the oil industry posted third-quarter earnings that beat some estimates and the company forecast stronger fourth-quarter sales.
–Editors: Glenn J. Kalinoski, Marie-France Han
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Source: Bloomberg