May 8, 2009 / 8:47 PM / 11 years ago

Argentine stocks in 7th rise, bonds inch down

BUENOS AIRES, May 8 (Reuters) - Argentina’s stock, currency and bond market trends on Friday.

* The MerVal stocks index .MERV rose for a seventh consecutive session to their highest level since early October on robust volume and with bank issues leading on hopes for a global economic recovery.

* The index jumped 5.34 percent to 1,500.06 points, accumulating a 20.6 percent gain over seven sessions.

* Grupo Financiero Galicia GFG.BA, the financial group that holds Argentina’s biggest bank, soared 14 percent to 0.949 peso per share.

* On the broad market volume was higher than the recent average, at $21 million. Of active issues 78 advanced, 12 declined and 10 were unchanged.

* Prices for government bonds traded over-the-counter in Buenos Aires lost 0.4 percent as investors took profits after rising the four previous days.

* Argentine bond prices are trading at levels not seen since October, when the global financial crisis and President Cristina Fernandez’s surprise nationalization of private pension funds sent the country’s sovereign debt into a steep fall.

* The dollar-denominated 2038 Par bond ARPARD=RASL fell 2.9 percent to an ask price of 21.90.

* In formal exchange between banks the peso closed flat at 3.7200/3.7225 per dollar ARS=RASL.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso slipped 0.07 percent to 3.7425/3.7475 ARSB=. (Reporting by Jorge Otaola and Walter Bianchi, Writing by Fiona Ortiz; Editing by Dan Grebler)

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