June 12, 2009 / 9:35 PM / 11 years ago

Argentine bonds make more gains, stocks slip

BUENOS AIRES, June 12 (Reuters) - Argentina’s stock, bond and currency market trends on Friday.

* Prices for government bonds traded over-the-counter in Buenos Aires gained 3.3 percent on average, rising for a fourth consecutive day as investor appetite for risk increased.

* The 2014 Boden bonds denominated in dollars ARBODEN14D=RASL jumped 4.7 percent to an ask price of 15.60.

* Argentina’s debt spreads narrowed 100 basis points to 954 basis points over comparable U.S. Treasuries, according to JPMorgan’s EMBI+ 11EMJ, reaching their lowest value since October 2008. They hit a historic low of 180 basis points in early 2007.

* Investors were eager to find out the results of an auction to receive an early payment on the August coupon of dollar-denominated Boden 2012 bonds ARBODEN12D=RASL. Participants had until Friday at 1700 GMT to specify the discount they would be willing to accept in the deal.

* The Boden 2012 auction was aimed at showing the government’s ability and willingness to pay its debt.

* The MerVal stocks index .MERV dipped 0.89 percent to 1,654.56 points as investors took profits after three straight sessions of gains and as crude oil prices fell.

* The index is up 53 percent since the start of the year.

* Shares in Tenaris TENA.BA, which makes steel pipes for the energy industry and is weighted as almost half of the MerVal, shed 1.8 percent to 60.00 pesos per share.

* On the broad stock market, volume was weak at $9.8 million. Of active issues, 38 advanced, 29 declined and 9 were unchanged.

* In formal exchange between banks, the peso ended 0.13 percent weaker at 3.7625/3.7650 per dollar ARS=RASL amid private demand for greenbacks ahead of a June 28 mid-term election, in trade closely monitored by the central bank.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso weakened 0.2 percent to 3.84/3.8450 ARSB=.

* Argentina’s financial markets will be closed on Monday in observance of a national holiday. (Reporting by Walter Bianchi; Writing by Hilary Burke; Editing by Kenneth Barry)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below