ARGENTINA: Merval Rises 1.55% Boosted By Banking Sector

Merval, the main index of the Buenos Aires Stock Exchange, rose 1.55% Wednesday, closing at 23,256.86 points, driven by banking stocks.

The shares of Agrometal (+5.12%), Galicia (+5.03%), Costanera (+5%), Banco Macro (+3.66%) and Banco Franc?s (+2,99%) rose, while Telecom (-3%), Gas Cuyana (-1.61%), San Miguel (-0.44%) fell.

Meanwhile, Pampa Energ?a climbed 1.47% after informing that its Board of Directors instructed managers to launch studies for an eventual merger with other Grupo Pampa’s companies.

Aluar and Tenaris rose 1.27% and 0.32%, respectively, on a day in which was reported that the Argentinean Industrial Production Index grew 5.4% in July on a yearly comparison.

The locally traded U.S. dollar increased 0.11%, closing at 17.23 Argentinean pesos and repeated the low volume recorded yesterday, with banks and companies demanding the currency amid low liquidation by exporters.

The material has been provided by InstaForex Company – www.instaforex.com

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