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Financial News: ARGENTINA: Merval Gives Up Gains But Ekes Out

ARGENTINA: Merval Gives Up Gains But Ekes Out A 0.39% Rise

01/17/2018 - 19:14:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed Wednesday's session with a slight increase (+0.39%) at 33,652.70 points, giving up earlier gains.

According to the economist Salvador Di Stefano, "every downside is an opportunity to buy."

Pampa Energía fell 1.27%. The company with Vista Oil & Gas to sell its direct holdings of 58.88% in Petrolera Entre Lomas S.A. (Pelsa), 3.85% in the Entre Lomas, Bajada del Palo and Agua Amarga areas in Neuquén and 100% in the Medanito S.E. and Jagüel de Los Machos in La Pampa.

Meanwhile, the Argentinean Energy Minister Juan José Aranguren defended the sale of the state stake in Transener (+ 0.83%) given that the exit "would allow a significant gain."

On the side of the indicators, the industrial production of November grew 2.6% over the same period of the previous year. Siderar rose 5.90%, while Tenaris gained 2.47%.

In the end, the shares of PGR (-4.73%), Central Puerto (-3.51%), Boldt (-2.53%), and Pampa (-1.27%) fell, while Endesa (+6.01%), Siderar (+5.90%), Petrobras (+3.53%), Edenor (+2.72%), and Tenaris (+2.47%) closed higher.

The locally traded U.S. dollar closed down (-0.26%), at 18.85 Argentinean pesos. "Today's session was initially influenced by a major surplus of pesos out of trade due to yesterday's bidding of central bank bonds. But at the end of the session the demand for pesos was balanced," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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