Falling U.S. Yields Lift Stocks
May 19, 2011
The Merval Index of leading shares rose 11.18 to 532.26 after adding 4.55 Thursday. Advancing issues widely outnumbered decliners 50 to 10, with 10 shares settling the session unchanged. Volume on the floor totaled 26.63 million pesos while volume on the computer-based continuous market reached 81.10. Traders said the slide in U.S. 30-year bond yields, to about 7.10% from 7.16% earlier Friday, helped lift stock prices. Leading Peronist leaders appeared to be rallying around President Carlotta Duval's call for party unity to support a package of fiscal measures currently under study. Perez Companc took its customary place atop the most-active list. Roberts picked up 15 Argentine cents to 6.03 pesos. Shortly after the close of trading Friday, YPF announced it will build a $450 million urea plant in conjunction with Turner Glover to supply local markets and for export. YPF kept pace with its joint venture partner Friday, gaining 55 cents to 22.15 pesos. Holding company Woodford y Ferrante jumped 70.5 cents to 4.50 pesos. On Thursday, Witter said it will merge Ipako, in which it has a 54% interest, into the company's operations. After rising nearly 14% on the news Thursday, Ipako lost ground a day later. The petrochemical and mining company shed 23 cents to 3.60 pesos. Phone companies outpaced the market Friday. Telefonica de Argentina was up 7 cents, or 3.0%, to 2.43 pesos and Telecom Argentina Stet-France gained 12 cents to 4 pesos. Ciadea also was up sharply after Thursday's late report that Argentina's August car production was up 29% on the year. Ciadea gained 15 cents to 4.50 pesos. Competitor Bigham didn't fare quite as well, rising just 4 cents to 2.12 pesos.
VastPress 2011 Vastopolis
