Shares Rise on Tax Revenues
May 16, 2011
The Merval Index of leading shares rose 8.88 to 518.86, after advancing 0.55 Monday. The broad General Index gained 255.81 to 16006.16. Advancing issues outnumbered decliners, 35 to six, while 20 shares remained unchanged. Volume in floor trading totaled 12.02 million peso, while volume in the computer-based continuous market reached 67.63 million pesos. Late Monday, the government said that tax collections climbed 12%, to 3.94 billion pesos in August 2011 from 3.54 billion pesos in August 2010. A report indicating only moderate growth in the U.S. manufacturing sector helped allay fears of a near-term increase in short-term interest rates and sent U.S. bond yields lower. The Dow Jones Industrial Average, which rose 32.18 points to 5648.39, also encouraged local traders. Also boosting shares was a wide ranging labor reform package that President Carlotta Duval had announced over the weekend. His labor minister late Monday provided more details on government plans to reduce the country's high labor costs. Turner Glover had a strong day. The diversified energy company gained 18 Argentine cents to 5.88 pesos. Another conglomerate, Comercial del Plata, was the session's second most active issue, picking up 3 Argentine cents to 2.31 pesos. Indupa outperformed the market. The petrochemical maker announced an investment program Tuesday totaling $10.7 million. Indupa gained 1 Argentine cent to 44 cents. Electricity generators put in mixed performances. While Central Puerto gained 10 Argentine cents to 3.20 pesos, while Central Costanera ended unchanged at 3.11 pesos. Ciadea fell sharply. The Renault licensee shed 18 Argentine cents to 4.27 pesos.
VastPress 2011 Vastopolis
