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Financial News: ARGENTINA: Merval Rises On Strength From Oil Companies

ARGENTINA: Merval Rises On Strength From Oil Companies

08/31/2017 - 21:14:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 0.28% Thursday, closing at 23,558.08 points, driven by oil companies and gas carriers amid a rebound in oil prices abroad, following the impact of the Hurricane Harvey in the United States crude output and refining.

In August, the Merval index climbed 8.96% driven by the technical tie between the ruling party and the coalition headed by the former President Cristina Kirchner in the primary legislative elections, despite official results had shown that Kirchner won by a slight margin.

Traders believe that the October election results will probably strengthen the current administration and increase the odds of Congressional approval to economic reforms.

On the indicators side, the construction index rose 20.3% in July compared to the same month in 2016, its biggest increase in almost seven years, boosting the shares of Consultatio (+0.60%) and Holcim (+0.40%).

The shares of Telecom (-3.23%) on the expectation of a merger with Cablevisión, Tenaris (-1.32%), and Central Puerto (-1.15%) fell, while Gas Cuyana (+5.18%), Petrobras (+2.10%), TGN (+1.67%), and Cresud (+1.67%) rose.

Meanwhile, the locally traded U.S. dollar fell 0.51% amid low trading volume, settling at 17.31 Argentinean pesos, after climbing for two consecutive sessions.

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