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Financial News: ARGENTINA: Merval Rises 1.31% On Gas Shares

ARGENTINA: Merval Rises 1.31% On Gas Shares

09/19/2017 - 19:34:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 1.31% Tuesday, closing at 24,228.19 points, tracking the gains by energy companies and gas distributors and in reference markets.

Viviana Bonifati, an analyst at Intervalores, indicated that the highlight was the good performance of the gas sector. In Santa Cruz, the provincial Assembly moved ahead with a memorandum of understanding between Argentina's state-owned YPF and the local government through which the province authorizes areduction in its royalties in exchange for an output increase in four oil areas.

The shares of Transener (+6.23%), TGS (+6.13%), TGN (+4.03%), Distribuidora de Gas (+3.42%), and Edenor (+2.91%) rose, while Agrometal (-2.62%), Costanera (-1.04%), and Comercial del Plata (-0.58%) fell.

The locally traded U.S. dollar rose 0.11%, closing at 17.14 Argentinean pesos demanded by banks and investors.

"When the foreign exchange market opened, the greenback began to be highly demanded by banks, companies and investors, rapidly increasing in value, due to purchases made by hedge funds in the U.S. currency," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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