Argentina Stocks Rise On Rally From Index Heavyweight Tenaris

 
   By Shane Romig 
   Of DOW JONES NEWSWIRES 
 

BUENOS AIRES (Dow Jones)--Argentine stocks posted sharp gains Tuesday despite the sour mood on Wall Street, with steel-tube maker Tenaris (TS, TEN.MI) leading the charge.

Tenaris surged 6.12% to end the day at ARS73.65 ($19.28) ahead of expectations the company will report solid earnings on Thursday and a rebound from the losses suffered during last week's market volatility, said Silver Cloud Advisers analyst German Bertossa.

Tenaris also got a boost by upgrades from both Jefferies and Morgan Stanley on Tuesday, said Grupo SBS analyst Mariano Kruskevich.

The broader market was carried higher by Tenaris's gains, with the Merval Index jumping 2.75% to close at 2,204.68. Volume was high at ARS65 million.

Meanwhile, bonds eased as markets continued to watch for details of a planned debt swap proposal from the government.

The benchmark peso-denominated bond fell 0.57% in price terms to ARS104.20, to yield 11.77%. The dollar-denominated Boden 2012 fell 0.94% in price terms to ARS316.50, to yield 12.75%.

Argentina is currently preparing a proposal to end the conflict with the holdouts who refused to accept terms of the 2005 swap and who hold about $20 billion in defaulted bonds.

The deal will be on terms "more advantageous to Argentina" than the 65% discount offered in 2005, according to Economy Minister Amado Boudou.

The Argentine government is hoping that at least 60% of the so-called holdouts will accept the new deal. With that participation rate, the overall debt exchange would likely rise above 90% participation.

Argentina also wants to reach a deal with the Paris Club of creditor nations to reschedule $6.7 billion in defaulted debt, but is concentrating on the holdouts for now.

The peso closed unchanged at 3.82 to the dollar.

 
   - By Shane Romig, Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com 
 

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(END) Dow Jones Newswires

November 03, 2009 16:18 ET (21:18 GMT)


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