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Financial News: ARGENTINA: Stocks Rise On Earnings Reports, But Dollar

ARGENTINA: Stocks Rise On Earnings Reports, But Dollar Rally Raises Tension

05/12/2018 - 20:01:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, rose 0.69% to 29,805.65 on Friday, boosted by earnings reports from local companies in spite of rising tension in financial markets due to a stronger dollar. In the week, the index increased 3.71%.

According to Eduardo Fernandez, from Rava Bursatil, "there was a lot of nervousness as investors have to deal with the high exchange rate tension."

Cuyana Gas Distributor (6.48%), Tenaris (5.42%) and Holcim (5.05%). Valo (-5.97%), Telecom (-4.54%), Metrogas (-3.87%) and Transportadora de Gas del Norte (TGN) (-0.25%) ended lower.

Holcim (Argentina) reported an 18.89% increase in the first quarter net profit from a year before, while TGN net income fell 32%. Telecom Argentina reported a 17.5% increase in the first-quarter net profit.

The locally traded US dollar increased 2.42%, to 23.26 pesos, forcing the central bank to intervene in forex markets.

"In the week, the dollar rose 1.46 peso, the strongest weekly increase since December 2015," said Gustavo Quintana, from PR Corredores.

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