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Financial News: ARGENTINA: Merval Renews Record High On Economic Data

ARGENTINA: Merval Renews Record High On Economic Data

09/28/2017 - 21:55:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 1.39% Thursday, closing at 25,624.34 points, settling higher for the tenth session in a row. The Argentinean stock index was boosted by positive data on the country's economy.

"The local market achieved its tenth consecutive rise, and with a turnover that does not diminish. This rise is encouraged by the good performance of the energy sector and the signs of growth in the domestic economy," said Viviana Bonifati, an analyst at Intervalores.

Argentina's industrial activity grew by 5.1% in August compared to the same month in 2016, said the country's statistics office. In July, activity grew by 5.9% on a yearly basis.

The shares of Juan Minetti (+6.11%), Transportadora de Gas del Norte (+3.77%), Central Puerto (+3.62%), and Agrometal (+3.53%) posted the highest gains.

The locally traded U.S. dollar fell by 0.45%, closing at 17.48 Argentinean pesos. That was the second consecutive drop in the local market due to remittances from abroad. "The supply of banks due to the liquidation of loans from abroad and some investors far exceeded the demand," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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