February 4, 2009 / 9:29 PM / 11 years ago

Argentine bonds slip, stocks gain on Tenaris

BUENOS AIRES, Feb 4 (Reuters) - Argentine bonds fell for a third straight session on Wednesday as investors pocketed profits, while stocks rose, lifted by energy blue-chips Petrobras and Tenaris.

Government bonds traded on the local market fell 0.7 percent on average in light trade after early gains, accumulating a 2.0 percent loss since Monday.

On the stock market, the benchmark MerVal index .MERV rose 0.62 percent to close at 1,079.04 points on a fleeting rise in global prices.

“Oil caused a big jump in Tenaris and Petrobras, but the gains narrowed as Wall Street fell,” said Horacio Corneille, a trader at firm that carries the same name.

Tenaris TENA.BATS.N, a leading global maker of steel tubes for the oil industry, rose 2.8 percent to 36.2 pesos. Buenos Aires-listed shares of Brazilian state-owned oil company Petrobras <APBR.BA gained 1.04 percent to 48.5 pesos.

Oil settled near $40 a barrel on Wednesday, down slightly after the U.S. tock market fell and a government report showed a larger-than-expected build in U.S. crude inventories.

Trading volume on the MerVal was a light $11.5 million. Among active issues, 22 gained, 30 fell and 6 were unchanged.

The peso currency closed mix, a day after falling to a seven-year low as the central bank intervened in the market to keep it steady, traders said.

The peso gained 0.29 percent to close at 3.4875/3.49 per dollar ARS=RASL in formal trade between banks.

In formal trade between foreign exchange houses, as measured by Reuters, the peso fell 0.35 percent to 3.5425/3.5475 per dollar ARSB=, similar to levels last seen in late 2002.

Reporting by Walter Bianchi; Writing by Kevin Gray

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