Boston, MA 06/17/2014 (wallstreetpr) – One more financial services provider from Agentina, BBVA Banco Frances S.A. (ADR) (NYSE:BFR) recorded a worst performance on Monday in the New York Stock Exchange and the possibility of extending is not ruled out. The company’s stock joined other financial sector stocks from the region to get hammered by the bears sincere there is nothing to suggest any negative or unfavorable news affecting the stock performance to the extent that the stocks from the region witnessed. However, the court rejecting Argentina’s appeal for debt restructuring with hedge funds is attributed as a reason for the downtick.
Shares Steep Drop
Shares of BBVA Banco Frances S.A. (ADR) (NYSE:BFR) plummeted as much as 9.49% and the volume is significantly higher than the preceding day, as well as, the three-month average volume. Significantly, BBVA Banco shares touched a high of $11.68 in a year on June 11 only thus indicating a drop of 15.92% based on June 16 closing price of $9.82. However, the stock has witnessed a gain of 2.29% in the current month.
The company’s stock struck a low $3.53 during the 52-week period suggesting a growth of 178.2% over the lowest price in a year. The month of May witnessed the stock recording a loss of 2%. For the current year, the company’s shares surged nearly 41% based on the closing price of $6.96 on December 31.
Court Ruling & Volume of Shares
The volume of shares changed hands on Monday was 2.3 times more than the previous day and 1.87 times higher than the three month’s average volume of 254K shares. Compared to the 10-day average volume of 598K shares, Monday’s volume represented 64.8% higher number of shares that changed hands.
The stock still managed to close above the technical barometers of 50-day and 200-day moving average prices of $7.99 and $6.96 respectively resisting the downside pressure on Monday.
While there is no negative news from BBVA Banco Frances S.A. (ADR) (NYSE:BFR), the court has rejected Argentina’s appeal over the issue of debt restructuring with the hedge funds threatening into a default.
