ADRs End Lower; Baidu, Grana y Montero Trade Actively
February 24 2017 - 4:52PM
Dow Jones News
International stocks trading in New York closed down on
Friday.
The BNY Mellon index of American depositary receipts declined
0.80% to 132.74. The European index eased 0.75% to 124.03. The
Asian index declined 0.57% to 152.33. The Latin American index fell
2.1% to 228.57. And the emerging-markets index fell 0.99% to
270.91.
Baidu Inc. (BIDU) and Grana y Montero SAA (GRAM, GRAMONC1.VL)
were among the companies with ADRs that traded actively.
A Chinese regulatory crackdown on online search and advertising
drove a sharp drop in Baidu's quarterly profit, although shares
rose in after-hours trade as results beat expectations. ADRs fell
5% to close at $175.17.
Mexican soft-drink bottler Coca-Cola Femsa SAB (KOF, KOF.MX) on
Friday reported strong year-on-year rise in fourth-quarter and 2016
results, but profit on a per-share basis missed analysts'
projections. Coca-Cola Femsa, the world's largest public bottler of
Coca-Cola products, is a joint venture of Coca-Cola Co. (KO) and
Mexican bottler and retailer Fomento Económico Mexicano SAB (FMX,
FEMSA.MX). Coca-Cola Femsa's ADRs fell 1.7% to $64.89.
Grana y Montero's ADRs fell 35% to $3.32 on Friday amid Peruvian
media reports that the firm knew of bribes paid by Brazil's
Odebrecht. GyM, Peru's biggest construction company, and Odebrecht
often created joint ventures to develop state infrastructure
projects.
Royal Bank of Scotland Group PLC (RBS, RBS.LN) pledged an
additional GBP750 million ($951.6 million) of costs cuts this year,
targeting a return to profitability in 2018. The 70% state-owned
bank--which has shed nearly half its staff, exited countries and
ditched nearly three quarters of its unwanted assets since its
government bailout in 2008--has reported nine straight annual
losses. ADRs fell 6% to $5.91.
Vale SA's (VALE, VALE3.BR, VALE5.BR, VALE5.FR) chief executive
intends to step down when his term ends in May, the Brazilian
mining giant said Friday. No reason was given for the decision.
Brazilian news outlets have reported on mounting pressure to
replace him with a political appointee. ADRs fell 2% to $10.52.
(END) Dow Jones Newswires
February 24, 2017 16:37 ET (21:37 GMT)
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