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Financial News: ARGENTINA: Merval Gives Up Earlier Gains But Ends

ARGENTINA: Merval Gives Up Earlier Gains But Ends Session With Slight Rise

11/22/2017 - 20:38:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 0.22% to close at 27,327.38 points Wednesday, giving up earlier gains amid a volatile session.

Banco Macro's shares rose 0.57% after its board of directors accepted the leave request presented by its president, Jorge Horacio Brito. He left due to his involvement in a money laundering investigation known as the Ciccone case.

"Regarding the financial sector, we observed a migration from Macro to Galicia. Although in the short term the noise of the Ciccone case can dominate the scene, we maintain our position on Macro's fundamentals," said analysts at Cohen brokerage.

YPF rose 0.03% reporting that it reached its highest level to date of shale gas production in Neuquén's Vaca Muerta field.

The shares of Pampa (+2.97%), Distribuidora de Gas (+2.24%), Aluar (+1.85%), Siderar (+1.82%), and Cresud (+1.65%) also rose, while Costanera (-3.33%), Agrometal (-3.29%), Boldt (-2.45%), and Francés (-2.19%) fell.

The locally traded U.S. dollar fell 0.34%, closing at 17.43 Argentinean pesos.

"Both banks and investors are putting the pesos they obtain in different more profitable assets, with interest rates that exceed the 28% annual nominal rate," noted Fernando Izzo, an analyst at ABC Mercado de Cambios.

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