Monday, December 15, 2014
Merval tumbles 8.3% as petrol stocks plummet
The Merval stock exchange once more suffered heavy losses as the first trading day of the week closed with the index losing another 8.3 percent, to finish at 7,581.72 points.
Petroleum companies led the downward spiral, with Petrobras shedding 14.9 percent while state-owned company YPF closed down 11.1 percent. Further price falls on oil were the chief cause of the falls, as the commodity reached a new five-and-a-half year low today.
Transener also suffered with losses of 9.9%; La Pampa, 9.8%; and Petrobras' Argentine subsidiary lost 9.6 percent. The Merval is down 22.7% so far in December, and recent falls have cut back the index's annual gains to 40.4%.
As well as the international situation, Petrobras suffered due to the confirmation by Brazil prosecutors that a second ex-executive from the firm would face corruption charges.
Petroleum companies led the downward spiral, with Petrobras shedding 14.9 percent while state-owned company YPF closed down 11.1 percent. Further price falls on oil were the chief cause of the falls, as the commodity reached a new five-and-a-half year low today.
Transener also suffered with losses of 9.9%; La Pampa, 9.8%; and Petrobras' Argentine subsidiary lost 9.6 percent. The Merval is down 22.7% so far in December, and recent falls have cut back the index's annual gains to 40.4%.
As well as the international situation, Petrobras suffered due to the confirmation by Brazil prosecutors that a second ex-executive from the firm would face corruption charges.
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