January 31, 2018 / 4:23 PM / a year ago

Shares of Argentina's Metrogas up 6.72 pct ahead of natgas rate hike

BUENOS AIRES, Jan 31 (Reuters) - Shares of Argentine gas distributor Metrogas rose 6.72 percent on Wednesday on the Buenos Aires stock exchange ahead of an increase in natural gas rates forecasted by the government.

Argentine utility rates have been on the rise since President Mauricio Macri look office in 2015. He was elected on promises of attracting investment in part by lowering home heating and transportation subsidies favored by his predecessor.

Metrogas shares traded at 78.45 pesos at 12:45 local time (15:45 GMT).

"We are seeing the impact of the rate hike expected on April 1," said one Buenos Aires stock broker said. (Reporting by Walter Bianchi; Editing by David Gregorio)

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