Argentine stocks surge as tube-maker Tenaris soars

jueves 5 de junio de 2008 18:21 ART

BUENOS AIRES, June 5 (Reuters) - Argentine stocks rebounded on Thursday after five straight sessions of losses, led by a 10 percent rise in shares of Tenaris, which makes tubes for the energy industry, amid a record jump in crude oil prices.

The peso firmed against the dollar and bonds continued inching higher.

The benchmark Merval stock index .MERV gained 2.25 percent to end at 2,189.60 points. Volume on the overall market was a healthy $33 million.

"Without a doubt, Tenaris's strength was the Merval's main driver," said Juan Ignacio Di Santo, a trader at Puente Hermanos brokerage.

Shares of Tenaris (TENA.BA: Cotización) TS.N, the top global supplier of seamless steel tubes for the energy industry, surged 10.4 percent to 103.8 pesos in Buenos Aires, a day after the company announced dividend payments.

Its shares were also supported by a record $6 gain in U.S. crude oil prices.

Tenaris said in a statement on Wednesday its shareholders had approved the payment of an annual dividend of 38 cents per share, or about $450 million [ID:nHUGBQROSa]. Part of this sum was already paid and the company will pay the remaining $295 million on June 26.

The company's stock also trades in New York, Milan and Mexico City TS.N (TENR.MI: Cotización) TS.MX.

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