March 4, 2009 / 8:40 PM / 11 years ago

Argentina stocks jump 6 pct on oil rise; peso eases

BUENOS AIRES, March 4 (Reuters) - Argentina’s stock, currency and bond market trends on Wednesday.

* MerVal stocks index .MERV soared 6.03 percent to 986.27 points as a rise in global oil prices lifted energy-related shares. Stocks were also buoyed by news the government and Argentine farmers reached partial accords late on Tuesday aimed at defusing a lengthy political battle over export taxes.

* Shares of market heavyweight Tenaris TENA.BA, a top global producer of steel pipes for the energy industry, rose 6.63 percent to 30.55 pesos.

* On the broad market volume was a $16.3 million. Of active issues, 41 advanced, 12 declined and 10 were unchanged.

* The easing of tensions in Argentina’s farm conflict also lifted government bonds traded over the counter in Buenos Aires, which gained 1.1 percent on average.

* Dollar-denominated “Par” bonds ARPARD=RASL rose 1.6 percent while dollar-denominated Disc paper gained 2.6 percent.

* The Argentine peso weakened to its lowest level since January 2002 in formal exchange between banks as exporters held off on cashing in their earnings amid a recent weakening trend in the currency.

* The peso shed 0.21 percent to 3.61/3.6125 per dollar ARS=RASL.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso fell 0.80 percent to end at 3.7225/3.7275 ARSB=, a level last seen in October 2002. (Reporting by Jorge Otaola; Writing by Kevin Gray; Editing by Diane Craft)

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