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Financial News: ARGENTINA: Merval Closes Nearly Stable

ARGENTINA: Merval Closes Nearly Stable

08/28/2017 - 20:43:00 (RTTNews)

(RTTNews) - Merval, the benchmark index of the Buenos Aires Stock Exchange, closed almost stable (+0.01%), at 23,505.57 points Monday, pressured by lower prices for oil companies shares resignation.

On a day with no relevant economic data, investors' attentions turned to YPF, as the state-owned oil company reported that its CEO Ricardo Darré offered resignation for 'personal reasons.' According to Andrés Vilella Weiz, an analyst at Balanza Capital, the news brought uncertainty to the market.

Petrobras, for its turn, fell 1.26%, tracking oil prices abroad, and after Hurricane Harvey forced the company to shut down operations in the Pasadena Refinery, in Texas, for security reasons.

The shares of Agrometal (-3,67%), Mirgor (-2,41%), YPF (-2,24%), Gas Cuyana (-2,07%), and Petrobras (-1,26%) fell, while Transener (+4,86%), Telecom (+3,81%), and Costanera (+3,03%) rose.

The locally traded U.S. dollar increased by 0.05%, closing at 17.23 Argentinean pesos, remaining below the psychological barrier of 17.50 pesos. The Argentinean government tries to avoid the currency to rise beyond that level before the legislative elections scheduled for October.

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