ADR Report: Shares Higher As Greece Approves Austerity Measures

Date : 02/13/2012 @ 5:10PM
Source : Dow Jones News
Stock : Gerdau S.A. (GGB)
Quote : 3.1  0.02 (0.65%) @ 4:00PM

ADR Report: Shares Higher As Greece Approves Austerity Measures

International companies trading in New York closed higher Monday, in line with the broader market, following the Greek parliament's approval of austerity measures required in order for the country to receive a second bailout package from its European partners and the International Monteary Fund.

The Bank of New York index of ADRs climbed 1.2% to 131.45 as European stocks rallied, with financial companies trading mostly higher.

Lloyds Banking Group PLC (LYG, LLOY.LN) added 2.8% to $2.19, UBS AG (UBS, UBSN.VX) rose 2% to $14.18 and ING Groep NV (ING, INGA.AE) was lifted 2.3% to $8.74.

The European index gained 1.2% to 120.47.

Wausau Paper Corp. (WPP) struck an agreement with its largest shareholder, activist hedge fund Starboard Value LP, to nominate two directors supported by Starboard to its board. Starboard Value has been angling for change at the paper products company, in which it holds a roughly 10% stake, according to FactSet Research. The hedge fund last month sent a letter to Wausau urging it to expand its strategic review to include a potential sale of its paper segment or the entire company. Shares of Wausau Paper gained 3.2% to $9.78.

Offsetting those gains were Societe Generale SA (SCGLY, GLE.FR) and BNP Paribas SA (BNPQY, BNP.FR), which ended down 1.7% at $5.96 and 0.7% at $22.76, respectively. They fell after it was confirmed that the French regulator lifted the ban on short selling of some French financial companies. The ban was first imposed in August.

The Asian index ended up 1.3% at 128.33.

Advanced Semiconductor Engineering (ASX, 2311.TW) shares added 1.5% to $4.86 as HSBC raised its stock-investment rating on the company to overweight form neutral and upped its price target. Fubon also raised its price target citing Advanced Semiconductor's better-than-expected first-quarter revenue guidance.

Taiwan Semiconductor Manufacturing Co. Ltd. (TSM, 2330.TW) also rose 2% to $14.11.

The Latin American index rose 1.5% to 381.15 and the emerging markets index added 1.4% to 314.08.

An increase in international oil prices boosted shares of petroleum companies. Brazilian energy giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, gained 1.9% to $30.14.

Companhia Energetica de Minas Gerais (CIG, CMIG4.BR), Brazil's third-biggest electric utility, signed an agreement Monday to supply steelmaker Gerdau SA (GGB, GGBR4.BR) with power through 2021. Shares of Cemig, as the generator and distributor is known, climbed 1.1% to $22. It said it will supply power for Gerdau's facilities in southeastern and southern Brazil.

Argentine real-estate development group Inversiones y Representaciones SA (IRS, IRSA.BA) posted a profit of 127 million pesos ($30 million) during the second quarter accounting period ending Dec. 31, up 11.4% on the year, the company reported Monday. IRSA's shares jumped 1.4% to $10.62 as its profit was up sharply from the gain it posted during the first quarter.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com




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