July 23, 2009 / 9:08 PM / 11 years ago

Argentina bonds rise, stocks hit 10-month high

BUENOS AIRES, July 23 (Reuters) - Argentina’s stock, currency and bond market trends on Thursday:

* Prices for locally traded government bonds traded over-the-counter in Buenos Aires extended this week’s gains, rising 1.0 percent on average as investor appetite for riskier emerging market assets increased due to positive U.S. data.

* Argentine bonds <AR/BONOS> have climbed 7.5 percent on average in the last six sessions, boosted by the government’s pledge to swap or buy back inflation-indexed paper and measures aimed at restoring credibility to the INDEC statistics agency.

* The peso-denominated Discount bond was among the leading gainers for a second session, rising 3.1 percent ARDISCP=RASL to an ask price of 87.00.

* The MerVal stocks index .MERV rose 2.24 percent to 1,679.42 points, a 10-month high, buoyed by solid gains on Wall Street and other global equity markets.

* Steelmaker Tenaris TENA.BA(TS.N), a leading producer of pipes for the energy industry that accounts for almost half of the MerVal, rose 3.03 percent to 56.15 pesos per share.

* On the broad market, volume was $11 million. Among active issues, 44 advanced, 23 declined and 11 were unchanged.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso weakened just 0.07 percent to close at 3.88/3.885 per dollar ARSB= in light trade. Traders say the market has been cautious since the government announced a plan to step up controls on the purchase of greenbacks.

* In formal trade between banks, the peso held steady at 3.805/3.8075 per dollar ARS=RASL as the central bank sold dollars to keep the local currency stable. (Reporting by Walter Bianchi; Writing by Helen Popper; Editing by Diane Craft)

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