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Financial News: ARGENTINA: Merval Climbs 2.04% And Breaks 27,000-point Bar

ARGENTINA: Merval Climbs 2.04% And Breaks 27,000-point Barrier

10/05/2017 - 20:22:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, resumed its upward trend by climbing 2.04% to settle at 27,017.81 points Thursday for a fresh record closing high. The rise was attributed to the investors' optimism on the Argentinean economy and positive indicators.

According to Eduardo Fernández, an analyst at Rava Bursatil, "investors carried out a tiny profit-taking movement yesterday, so the Merval today recovered somehow," he noted.

The Holcim cement maker rose 2.16% after reports that the Fábricas de Cemento Portland shipped 1,127,828 tonnes in September, including exports, a 1.0% rise from August.

Edenor rose 2.77% on the news that the Argentinean government officialized an economic compensation for 323 million pesos in recognition of the works already carried out.

Transportadora de Gas del Norte S.A. (TGN) reported that its board decided to exercise the option of voluntary redemption of negotiable obligations at Incremental Rate with maturity in 2019 and the 5-year Notes due 2017. The company's stocks rose 7.76%.

Meanwhile, the locally traded U.S. dollar reversed an earlier decline to rise 0.27%, closing at 17.40 Argentinean pesos.

"The resumption of purchase orders in the market justified the recovery," said Gustavo Quintana, an analyst at PR Corredores.

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