BUENOS AIRES (Dow Jones)--Argentina's Merval stock index closed slightly higher Tuesday as investors bet that the food processor and exporter Molinos Rio de La Plata S.A. (MOLI.BA) will have a solid first quarter.
The Merval stock index rose 0.14% to 3545.71 points.
Volume was ARS60.8 million ($16 million).
"The market basically tracked the Dow Jones [Industrial Average] higher. Molinos lifted the index while bank stocks slid on profit-taking. There are expectations that Molinos will have a very good quarter," said Ruben Pascuali, a trader at Mayoral Bursatil. "Molinos seems to benefit quite a bit from inflation in food prices."
Food prices have risen dramatically in Argentina in recent years. Though the government estimates that annual inflation totals around 11%, private-sector estimates put that figure at closer to 25%. Food and beverage prices are up around 32% on the year, according to
http://www.inflacionverdadera.com, which tracks the online price of food and beverages at two supermarkets.
The prices of exportable commodities like the company's soy products also have risen overseas, increasing revenue.
Steel company Tenaris S.A. (TS, TEN.MI) also helped lift the index by rising 1.05% to ARS96.20.
Banco Macro SA (BMA.BA, BMA) led the declines by falling 2.54% to ARS19.15. Banco Frances (FRAN.BA) fell 1.31% to ARS1.57, while Banco Patagonia S.A. (BPAT.BA, BPATL) slid 0.68% to ARS5.83.
"Financial stocks were down. I think it was largely due to profit-taking on all the gains those stocks had last year," said Pascuali.
The benchmark peso-denominated 2033 bond rose 1.86% to ARS191, to yield 7.1%. The Global 2027 bond was unchanged at ARS418, yielding about 8.1%.
The peso was unchanged at ARS3.978 to the dollar.
-By Taos Turner, Dow Jones Newswires; 5411-4103-6728;
taos.turner@dowjones.com
(END) Dow Jones Newswires
January 11, 2011 16:43 ET (21:43 GMT)
se acuerdan.
...aca se reproducen los clones...
...no entro muy seguido