Argentina's Merval benchmark stock index climbed 3% on Tuesday to finish at a record high of 5,696.2 points, following a strong hike in YPF and Edenor stocks. YPF shares soared 11%, while electricity distributor Edenor saw prices close 19% up at the end of trading.
Argentina's nationalized oil and gas company YPF said on Friday it had bought back 79 million dollars in 2028 bonds that it was obliged to repurchase in the case of a state takeover.
Argentina’s seized oil and gas corporation YPF drastically cut dividend payments and created an investment fund following the first shareholders meeting since the nationalization by President Cristina Fernandez.
Argentina explained that the YPF seizure was carried out in order to avoid an energy crisis in an article which was published in the US edition of The Financial Times newspaper and signed by Ambassador Jorge Argüello.
Shares of Argentina’s biggest energy company Repsol-YPF plunged 32.7% on Wednesday in Wall Street after transactions resumed following three days of suspension.