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Financial News: ARGENTINA: Merval Rises 1.73% Tracking Foreign Markets

ARGENTINA: Merval Rises 1.73% Tracking Foreign Markets

04/05/2018 - 19:18:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed Thursday's session with a rise of 1.73%, at 31,863.22 points, tracking foreign markets despite the thin trading volume.

In the corporate world, the highlight of the day was Petrobras, which closed up 3.32%, due to the political crisis in Brazil in the framework of possible imprisonment of former President Luiz In?cio Lula da Silva before the elections.

The other highlight was for VALO papers, closing with 6.98%. The Banco de Valores announced that it is not listed in any market and does not intend to open its capital abroad. The statement was a response to a report in a local newspaper about a possible issuance of shares in New York or London.

Holcim (+7.31%), Aluar (+4.39%), and Distribuidora de Gas Cuyana (+5.88%) also closed higher. Meanwhile, Phoenix Global Resources (-3.11%), Petrolera Pampa (-1.87%), and Comercial del Plata (-1.5%) fell.

The locally traded U.S. dollar rose 0.09%, quoted at 20.20 Argentinean pesos, without the presence of the country's Central Bank (BCRA) after Wednesday's intervention to try to lower the greenback in the local market.

"Cereal exports are slightly increasing the supply of U.S. dollars since the commercial cycle of liquidations of agricultural products is beginning," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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