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Financial News: ARGENTINA: Merval Climbs 3.15% Driven By Petrobras And

ARGENTINA: Merval Climbs 3.15% Driven By Petrobras And Brazil Stocks Rally

01/24/2018 - 18:52:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed Wednesday with a strong increase of 3.15%, at 34,963.02 points - a new record high - boosted by the rise of Petrobras on the day when the former Brazilian President Luiz Inacio Lula da Silva was convicted in the second instance in a corruption trial in the neighboring country.

The state-owned oil company YPF (+3.61%) joined Shell, Axion, and Oil and rose its gasoline prices in Buenos Aires by 4.5% on average, amid an increase in oil prices abroad and foreign exchange in the last few days.

Meanwhile, Holcim Argentina (-0.71%) reported that Holcim Inversiones S.A. - a member of the LafargeHolcim group, to which the controlling shareholder of the company belongs - has acquired 1,370,643 shares, representing 0.39% of the capital of the company.

The Board of Aluar (+2.38%) decided to make available to shareholders as of February 2, 2018, an additional dividend in cash for the year ended June 30, 2017, of $ 1,358,000,000 representing the 48.5% over the value of each outstanding share.

Distribuidora de Gas Cuyana (+4.33) reported that the National Gas Regulatory Entity (ENARGAS) considered the 2016 Compulsory Investment Plan to be fully complied with, thus lifting the restrictions that fell on the company to distribute dividends.

The locally traded U.S. dollar rose 1.78%, closing at 19.68 Argentinean pesos, after the decision of the central bank yesterday to reduce interest rates by 75 basis points.

"Contrary to the movements of the dollar in the rest of the international markets, in Argentina, the U.S. currency is significantly affirmed," said Gustavo Quintana, an analyst at PR Corredores.

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