Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Shares  >  BOLSA DE VALORES DE SAO PAULO  >  Petroleo Brasileiro SA - Petrobras    PETR4   BRPETRACNPR6

News SummaryMost relevantAll newsSector news 

Argentina's Merval Closes Higher as Petrobras Surges

03/06/2013 | 04:49pm US/Eastern
  By Taos Turner 

BUENOS AIRES--Argentina's benchmark stock index rose Wednesday as Brazil's Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, surged after the company raised domestic diesel prices, surprising investors.

Shares of Petrobras, which has a supplemental listing in Buenos Aires, soared 13% and were the day's most traded stock.

The price hike helps offset investor disappointment with January's lower-than-expected jump in gasoline and diesel prices, which had pushed Petrobras's shares to a seven-year low in recent sessions. Petrobras's shares had been dragged down by expectations for stable crude oil production this year and ongoing concerns about the impact of heavy fuel imports on the company's bottom line.

The Merval stock index rose 1.26% to 3,233.53 in volume totaling ARS56.8 million ($11.2 million).

Argentina's state-run oil company YPF SA (YPFD.BA, YPF) rose almost 4% to ARS119.65. YPF shares were the second-most traded on Wednesday.

Shares of the power distributor Edenor (>> EDENOR S.A.) led the decliners, falling 2.5% to ARS0.935 in minimal trading.

The steel producer Tenaris SA (TEN.MI, TS) was also heavily traded but its stock was barely moved at ARS163.

The price of the DICY discount bond jumped 4.81% to ARS697.

The TVPA GDP Warrant, a security whose performance is tied to economic growth, fell 0.44% to ARS44.75.

Argentina's black-market peso closed at ARS7.83 to the dollar, according to the financial daily El Cronista.

Argentina strictly rations the sale of dollars and other currencies, forcing many people into the black market if they really need other currencies for travel or to save.

The official exchange rate closed at ARS5.061 on the MAE wholesale currency market, compared with ARS5.056 in the previous session.

-Write to Taos Turner at taos.turner@dowjones.com


(MORE TO FOLLOW) Dow Jones Newswires

03-06-13 1648ET

Stocks mentioned in the article : EDENOR S.A.
React to this article
05:35a PETROLEO BRASILEIRO PETROBRAS : Brazil to examine Rousseff campaign for funds mi..
05:10a HONEYWELL : High-Performance Fiber Helping to Secure Offshore Platforms for Braz..
10/06 PETROLEO BRASILEIRO PETROBRAS : Petrobras : cuts 2015-2016 investment by $11 bn
10/06 PETROLEO BRASILEIRO PETROBRAS : Petrobras: Adjustments To The 2015-2019 Business..
10/06 HONEYWELL : High-Performance Fiber Helping to Secure Offshore Platforms for Braz..
10/06DJPETROLEO BRASILEIRO PETROBRAS : Brazil's Petrobras Cuts Investments, Expenses Vi..
10/06DJPETROLEO BRASILEIRO PETROBRAS : Brazil's Petrobras Cuts Investments, Expenses Vi..
10/06 PETROLEO BRASILEIRO PETROBRAS : Election of the Corporate and Services Officer
10/05 PETROLEO BRASILEIRO PETROBRAS : Adjustments to the 2015-2019 Business and Manage..
10/05DJPETROLEO BRASILEIRO PETROBRAS : Hedge Funds Bet on Increases to Sugar Price
Duration : Period :
Petroleo Brasileiro SA - P Technical Analysis Chart | PETR4 | BRPETRACNPR6 | 4-Traders
Income Statement Evolution
More Financials