Home / Forex Analysis / ARGENTINA: Merval Rises 1.43% Tracking Higher Oil Prices

ARGENTINA: Merval Rises 1.43% Tracking Higher Oil Prices

Merval, the main index of the Buenos Aires Stock Exchange, rose 1.43% to 23,866.03 points Wednesday, driven mainly by oil stocks after the increase in the crude prices abroad.

According to Mauro Mazza, an analyst at Bull Market Brokers, the primary drivers of the market during September will be the news shares offerings by companies and the oil prices, as the banking stocks rally show signs of exhaustion.

Grupo Financiero Galicia rose 2.54% after a public offering of new shares on Tuesday, through which it will seek to raise US$ 840 million.

The shares of Transener (+5.44%), San Miguel (+5.15%), Edenor (+3.26%), Galicia (+2.54%), Costanera (+2.50%), and Petrobras (+2,27%) rose, while Agrometal (-1,83%) and Telecom (-1,16%) fell.

Meanwhile, the locally traded U.S. dollar closed steady, at 17.07 Argentinean pesos.

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