ADR Report: Shares End Higher On Euro Zone Bank Plan

Date : 06/29/2012 @ 5:13PM
Source : Dow Jones News
Stock : Banco Santander, S.A. Sponsored Adr (Spain) (SAN)
Quote : 6.53  0.08 (1.24%) @ 1:40PM

ADR Report: Shares End Higher On Euro Zone Bank Plan

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  By Mia Lamar 
 

International companies trading in New York closed sharply higher Friday after euro-zone leaders meeting in Brussels agreed on new plans to address the region's long-running debt crisis.

The Bank of New York index of American depositary receipts ended 3.5% higher at 119.45. Financial stocks rallied after European leaders said they would accelerate plans to create a single supervisor for the euro zone's struggling banking sector.

Spain's Banco Bilbao Vizcaya Argentaria (BBVA, BBVA.MC) surged 9.3% to $7.07 while Banco Santander (SAN, SAN.MC) added 6.7% to $6.56. France's Societe Generale (SCGLY, GLE.FR) surged 11.3% to $4.64 and BNP Paribas (BNPQY, BNP.FR) climbed 11.4% to $19.32 Germany's Deutsche Bank AG (DB, DBK.XE) ended up 6.8% to $36.17.

The European index rose 3.4% to 110.66. In the corporate arena, Anheuser-Busch InBev NV (ABI.BT) unveiled a $20.1 billion deal to acquire the stake it doesn't yet own in Mexican brewer Grupo Modelo SAB (GPMCY, GMODELO.MX).

The deal will give the Belgian company full control of Corona Extra, one of the world's top beer brands, and strengthen its position in the growing South American market. Anheuser-Busch shares trading in New York closed up 7.9% at $79.65.

The Asian index rose 3.3% to 118.96. Energy companies were among the biggest gainers as crude oil futures soared on Europe's developments. Commodities like oil benefit from progress on the region's debt crisis due to improved prospects for energy demand.

Among individual stocks, PetroChina Co. (PTR, K3OD.SG, 0857.HK, 601857.SH) rose 3.1% to $129.14 while CNOOC Ltd. (CEO, 0883.HK) climbed 4.7% to $201.25.

The Latin American index climbed 4.7% to 315.86 while the emerging markets index added 4.1% to 269.99.

Argentina's state-run oil and gas company, YPF SA (YPF, YPFD.BA), said Friday it is now fully complying with listing requirements at the New York Stock Exchange.

The company fell out of compliance with the exchange's requirements earlier this year after Argentine President Cristina Kirchner said her government would expropriate a 51% stake in the company from its majority owner, Spain's Repsol YPF SA (REP.MC), to make it a state-run oil producer.

YPF shares trading in New York closed 5% higher at $12.35.

-Write to Mia Lamar at mia.lamar@dowjones.com




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