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Financial News: ARGENTINA: Merval Rises 0.84% Driven By Oil Shares

ARGENTINA: Merval Rises 0.84% Driven By Oil Shares

07/11/2017 - 21:37:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, rose by 0.84%, closing at 22,142.40 points, driven by Petrobras Brasil's and YPF's shares, which posted gains on oil prices' rise abroad.

"The reason for the increase was the sound performance of oil prices," said Eduardo Fern?ndez, an analyst at Rava Burs?til.

On the data front, annual inflation in Argentina decreased from 24.0% in May to 21.7% in June, moving closer to the 2017 target range of 12% to 17%, according to the country's central bank.

June annual inflation readings combine data from the new Argentinean inflation index, which has national coverage and was launched today, and the previous benchmark index, which monitored prices only in Buenos Aires metropolitan area.

The shares of Agrometal (+3.40%), Petrobras Brasil (+3.20%), YPF (+2.96%) and Siderar (+2.36%) rose, while Banco Macro (-1.60%), Transener (-1.50%) and Cuyana Gas Distributor (-1.49%) posted losses.

Despite the rise in the stock markets, traders remain cautious towards the primary elections to be held in August and the legislative elections in October, since results could make it harder for President Mauricio Macri to move forward with economic reforms.

The locally traded US dollar rose slightly (+0.03%), reaching 17 Argentinean pesos, after grain traders exchanged their greenbacks for the local currency, according to Fernando Izzo, an analyst at ABC Foreign Exchange.

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