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Financial News: ARGENTINA: Merval Breaks New Record Boosted By YPF

ARGENTINA: Merval Breaks New Record Boosted By YPF

09/26/2017 - 20:20:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, increased 0.33%, cutting back the gains obtained as soon as it opened, after the government announced that it would lift price control on fuels but rising enough to settle at 25,131.53 points Tuesday and break a new closing record high.

The state-owned oil company YPF was the most benefited by the government announcement climbing 6.26%.

Meanwhile, Central Puerto closed with a 4.95% increase after being granted two electricity generation projects, one in the province of Mendoza, for 89 MW and the other in the province of Santa Fe, for 317 MW.

The shares of Galicia (+2.08%) and Edenor (+1.98%) also rose, while Transener (-2.58%), Autopistas del Sol (-2.58%), and Costanera (-2.49%) fell.

The locally traded U.S. dollar rose 0.31%, closing at 17.58 Argentinean pesos, demanded for covering positions due to the end of the month.

"The foreign exchange market once again saw a rise in the US dollar traded with much lower volume - it was down 28% from yesterday - although it continued to be demanded by banks and companies," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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