Sector Update: Financial Stocks Climbing After Fed Minutes; Argentine Banks Rise to Multi-Year Highs with Debt Talks Set to Resume


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Financial stocks turned higher after Federal Reserve minutes said central bankers expect to end their bond-buying stimulus efforts in October, with the NYSE Financial Sector Index climbing about 0.4% and the S&P Financial 100 Index advancing about 0.2%.

In company news, American depository shares of Banco Macro SA ( BMA ) surged to a multi-year high Wednesday as efforts continued by Argentina's economic minister to resolve a fight with a group of hedge fund creditors over its sovereign debt and avoiding the country's second default in 13 years.

Mediation talks are slated to resume Friday between Argentine Economy Minister Axel Kicillof and Daniel Pollack, the court-appointed lawyer named last month to represent the hedge funds suing for full payment on defaulted Argentine bonds. The two sides met for several hours Monday, with the South American country risks defaulting again on its debt if it doesn´t cut a deal before the end of the month.

BMA was up nearly 10% at $42.80 per ADS in late afternoon trade, earlier advancing to its best levels since January 2011 at $43.26 apiece. Over the past 12 months, the stock has more than tripled in value, rising 211.4%.

BBVA Banco Franc ( BFR ) also climbed to a new 52-week high at $13.70 per ADS, up 8.8%, while Telecom Argentina SA ( TEO ) rose nearly 6% to also notch a new high at $24.91 per ADS.

In other sector news,

(+) AINV, Raised to Buy from Neutral at SunTrust Robinson Humphrey, which also set a price target of $10 a share.

(-) C, Reportedly close to finalizing a $7 bln settlement with the Justice Department over allegations it sold inferior mortgages before the financial crisis, according to The Wall Street Journal, citing unnamed sources.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BMA , BFR , TEO

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