Investors Await U.S. Data
May 18, 2011
The Merval Index of leading shares advanced 4.55 to 521.08, after declining 2.33 Wednesday. The broad General Index gained 66.73 to 16008.68. Advancing issues outnumbered declining ones 32 to 12, while 19 settled the session unchanged. Volume on the floor totaled 16.15 million pesos, while turnover on the computer-based continuous market reached 64.68 million pesos near the end of its session. Traders said investors are awaiting U.S. nonfarm payroll data scheduled for release Friday. Analysts are focusing on the report for signs of an overheating of the U.S. economy and a consequent hike in short-term interest rates. Petrochemical and mining company Ipako gained 46 Argentine cents, or 14%, to 3.83 pesos on the news that holding company Witter Butler Ferrante wants to acquire the 46% of Ipako it doesn't already own. Garovaglio picked up 34.5 cents, or 10%, to finish at 3.795 pesos. Oil and gas company Astra gained 4 cents, or 2.7%, to 1.52 pesos. Central Puerto also advanced, adding 8 cents, or 2.5%, to 3.30 pesos. There were only two losers among active issues. Steelmaker Siderca slipped 1.5 cents, or 1.2%, to 1.245 pesos, and Telefonica shed 1 cent, or 0.4%, to 2.36 pesos.
