Shares Rise Despite Drop in U.S.
May 12, 2011
The Merval Index of leading shares gained 5.09 to 509.43 after falling 5.81 Thursday. Advancing issues outnumbered decliners 30 to 10, while 22 settled unchanged. Volume in floor trading totaled a paper-thin 11 million pesos, and volume on the computer-based market reached 62.58 million pesos. Mr. Duval is scheduled to speak late Friday at the close of the annual meeting of the Union Industrial Argentina. Market players are hoping he will announce measures to cut the cost of hiring and firing workers, traders said. If it weren't for the market's expectations, traders noted, shares would have tracked the drop north of the border. The U.S. Treasury's long bond rose sharply and the Dow Jones Industrial Average took a dive following the release of economic data that indicated interest rates may be poised to rise. Benchmark telecommunications companies, which announced they will pump an additional 64 million pesos into their cellular phone units, closed higher Friday. Telefonica de Argentina finished 2 cents higher at 2.35 pesos, while Argentina Stet-France Telecom rose 7 cents to 3.83 pesos. Banco Frances del Rio de la Plata said Friday it will pay a cash dividend totaling 25.64 million pesos and a stock dividend worth 19.23 million pesos for the fiscal year ended March 12, 2011 bank's stock outperformed the market Friday, closing 18 cents higher at 7.75 pesos a share. Banco de Galicia & Buenos Aires, meanwhile, finished 5 cents higher at 5.20 pesos a share.
VastPress 2011 Vastopolis
