2018.02.2120:01:00UTC+00ARGENTINA: Merval Rises As Fed Minutes Point To Gradual Increase In U.S. Rate

Merval, the main index of the Buenos Aires Stock Exchange, rose 0.85%, closing at 33,108.16 points, in a volatile session, after the Federal Reserve meeting minutes showed that the U.S. central bank will move gradually towards higher interest rates.

"The main US stock indices increased following the minutes of the Federal Reserve. The local market was not kept aside," said Eduardo Fern?ndez, an analyst at Rava Burs?til.

Ternium Siderar shares rose 0.32% even after the company reported a consolidated net profit of result of 848.1 million pesos for the fourth quarter of 2017, 10.12% lower compared to the same period of the previous year.

The Argentinean state-owned oil company YPF also ended higher (+1.22%) after starting the sale of its stake in Metrogas, dedicated to the distribution of natural gas.

The oil company Vista Oil & Gas reported that it agreed to acquire an oil operating platform of Pampa Energ?a (+2.51%) and Pluspetrol Resources Corporation in Vaca Muerta.

The shares of Distribuidora de Gas Cuyana (-2.36%), TGS (-2.34%), San Miguel (-1.38%), and Tenaris (-,86%) fell the most, while Cresud (+5.16%), Holcim (+4.15%), and Autopistas del Sol (+3.68%) posted the strongest gains.

The locally traded U.S. dollar rose 0.37%, to 19.92 Argentinean pesos, due to lower interest rates from Lebacs, the country's central bank bonds.

"The drop in the interest rate set by the central bank to the Lebac left the greenback without a clear trend, with sudden ups and downs amid a sharp drop in the trading volume," said Fernando Izzo, an analyst at ABC Mercado de Cambios.