ADR Report: Shares Lower As Gold Futures Tumble

Date : 03/14/2012 @ 5:02PM
Source : Dow Jones News
Stock : Cnooc Limited (CEO)
Quote : 112.96  2.24 (2.02%) @ 12:12PM

ADR Report: Shares Lower As Gold Futures Tumble

Cnooc (NYSE:CEO)
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International companies trading in New York closed lower Wednesday, following Tuesday's Federal Reserve statement and as China Premier Wen Jiabao poured cold water on expectations Beijing may loosen policy toward the property sector.

The Bank of New York index of ADRs declined 1% to 131.33 as Tuesday's Fed statement damped hopes of another round of monetary stimulus, causing gold futures to tumble to an eight-week low.

Shares of South African gold mining companies Harmony Gold Mining Co. (HMY, HAR.JO) dropped 5.5% to $11.08, DRDGOLD Ltd.'s (DRD, DRD.JO) stock ended down 5.2% at $7.08 and AngloGold Ashanti Ltd. (AU, ANG.JO) shed 3.9% to $37.95.

The Asian index and the emerging markets index both dropped 1.2% to 130.05 and 311.29, respectively, as energy companies slumped. Oil futures fell in an intense sell-off during the last half-hour of trading Wednesday.

PetroChina Co. (PTR, 0857.HK, K3OD.SG, 601857.SH) dropped 3.3% to $147.81, CNOOC Ltd. (CEO, 0883.HK) declined 2.7% to $218.55, Sinopec Shanghai Petrochemical Co. (SHI, K3DD.SG, 0338.HK, 600688.SH) ended off 2.4% at $38.14 and China Petroleum & Chemical Corp. (SNP, 0386.HK) tumbled 2.3% to $114.22.

The European index fell 0.9% to 120.10.

Shire PLC (SHPGY, SHP.LN) said it has withdrawn its biologics license application for Replagal, its treatment for Fabry disease, from consideration by the U.S. Food & Drug Administration. Shares of Shire declined 2% to $103.31.

The Latin American index ended down 0.6% at $376.80.

Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL), which mines and markets polymetallic ores, primarily silver, fell along with the price of silver. Shares of miner traded 1.1% lower to $39.10.

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

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