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Financial News: ARGENTINA: Merval Rises 1.79% On Oil And Fed

ARGENTINA: Merval Rises 1.79% On Oil And Fed Decision

03/21/2018 - 20:14:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 1.79% to 32,369.43 points Wednesday, with oil companies tracking the crude prices spike abroad, and the U.S. Federal Reserve Bank (Fed) decision to raise interest rates.

Oil futures prices rose by more than 3%, to the highest level in almost seven weeks during the day, after a drop in U.S. inventories. Oil companies listed in Merval recorded strong rises. Petrobras rose 6.01%, YPF gained 3.01%, and Petrolera Pampa increased 1.80%.

Meanwhile, the Fed board members unanimously raised the basic interest rate by 0.25 percentage point (pp), to the range between 1.50% and 1.75% per year. Also, the forecast of three interest rate hikes in 2018 was kept.

The shares of Ternium Siderar (+4.41%), Tenaris (+4.02%), and Aluar (+3.62%) also recorded strong gains, while Holcim (-2.07%) and Telecom (-1.29%) posted the worst losses in the session.

The locally traded U.S. dollar rose 0.02%, quoted at 20.27 Argentinean pesos, a subtle rise after a new intervention by the Central Bank of Argentina (BCRA) in the foreign exchange market.

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