ADRs End Mostly Higher; Bradesco, Petrobras Rise
June 08 2016 - 6:22PM
Dow Jones News
International stocks trading in New York closed mostly higher on
Wednesday.
The BNY Mellon index of American depositary receipts edged up
0.3% to 126.64. The European index eased 0.02% to 124.83, the Asian
index rose 0.3% to 134.21, the Latin American index increased 3.7%
to 183.07 and the emerging markets index advanced 1% to 235.00.
Banco Bradesco SA (BBD, BBDO, BBDC4.BR) and Petroleo Brasileiro
SA (PBR, PETR3.BR, PETR4.BR) were among the companies with ADRs
that traded actively.
As Brazil's antitrust agency clears Banco Bradesco's acquisition
of HSBC Holdings PLC's (HSBC, HSBA.LN, 0005.HK) operations there,
the approval includes a restriction blocking Bradesco from
acquiring any other bank for 2 1/2 years. The $5.2 billion deal was
announced in August and will be Bradesco's largest, in the process
putting it on more-equal footing sizewise with the private sector's
biggest lender, Itau Unibanco Holding SA (ITUB, ITUB3.BR,
ITUB4.BR). Bradesco's ADRs rose 5.7% to $7.40, HSBC edged down 4
cents to $32.49 and Itau rose 4% to $9.04.
Petroleo Brasileiro, or Petrobras, started the process of
selling two natural-gas terminals, part of the Brazilian state-run
oil company's effort to raise cash to reduce its huge debt. ADRs
rose 11% to $7.15.
GlaxoSmithKline PLC (GSK, GSK.LN) said the Phase-3 study for
sirukumab, a human antibody designed for patients with severely
active rheumatoid arthritis, met its two most important targets,
and added that it is on track to submit the regulatory applications
in the third quarter. Glaxo ADRs fell 19 cents to $42.51.
Vale SA (VALE, VALE3.BR, VALE5.BR, VALE5.FR) raised $1.25
billion from an overseas bonds issue, reinforcing the return of
Brazilian companies to the international debt market. The mining
company's ADRs rose 5.2% to $5.05.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 08, 2016 18:07 ET (22:07 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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