Argentina stocks rally; bonds, peso weaker

lunes 23 de marzo de 2009 17:39 ART
 

BUENOS AIRES, March 23 (Reuters) - Argentina's stock, currency and bond market trends on Monday.

* MerVal stocks index .MERV rallied 5.14 percent to 1,124.56 points, following Wall Street higher.

* Locally traded shares of Brazilian state-run oil firm Petrobras (APBR.BA: Cotización), soared 8.44 percent to 65.5 pesos per share.

* "The Argentine market's getting stronger due to energy stocks, because they're more liquid and better track outside markets," said Jorge Alberti, analyst at the ElAccionista.com brokerage.

* On the broad market, volume was a weak $15.3 million. Of active issues 45 advanced, 21 declined and 10 were unchanged.

* Argentine bonds slumped 3.4 percent on average in local over-the-counter trade, falling for a second straight session due to investor jitters over an upswing in tensions between the government and farmers.

* Farmers are staging a week-long strike in protest at the soy export taxes at the center of a year-long conflict.

* The peso-denominated Discount bond ARDISCP=RASL sank 5.3 percent, according to the ask price.

* In formal exchange between banks, the peso slumped 0.88 percent to 3.685/3.69 per dollar ARS=RASL, also hit by farm conflict tension.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso weakened 0.53 percent to 3.7625/3.7675 ARSB=. (Reporting by Walter Bianchi and Jorge Otaola; Writing by Helen Popper; Editing by Diane Craft)