ADRs End Higher; Ryanair Trades Actively
August 15 2017 - 5:57PM
Dow Jones News
International stocks trading in New York closed higher on
Tuesday.
The BNY Mellon index of American depositary receipts improved
0.1% to 143.89. The European index edged up 0.02% to 134.39. The
Asian index increased 0.2% to 166.77. The Latin American index rose
0.45% to 238.98. And the emerging-markets index rose 0.35% to
308.05.
Ryanair Holdings PLC (RYAAY, RYA.LN, RY4C.DB) was among those
with ADRs that traded actively.
Colombian flag carrier Avianca Holdings SA (AVH, PFAVH.BO), as
one of its strategic tasks, has done the preparatory work and hopes
to seek permission from its board within two months to proceed with
a capital raise, Chief Executive Hernan Rincon says. Avianca had
about $305 million in cash at the end of June, not a big cushion
for a carrier that operates 180 planes. Avianca, which for months
has been trying to cement a partnership with United Continental
Holdings Inc. to strengthen its network in the U.S., is studying
whether it makes sense to integrate a separate airline in Brazil
controlled by its largest shareholder, Mr. Rincon says. ADRs rose
2.5% to $7.10.
RBC Capital Markets downgraded Rio Tinto PLC (RIO, RIO.LN) on
caution about China's economic growth outlook, though it still
likes the miner and the sector. The Canadian brokerage cut Rio to
out-perform from top pick, saying it expects the property market to
slow and concerns about growth to rise following the Communist
Party leadership conference in November. RBC, however, said it
expected the miner to keep paying special dividends after a
higher-than-expected cash return. ADRs fell 1.2% to $44.21.
Air Berlin's decision to file for insolvency in Germany could
allow rivals like Ryanair to expand, RBC says in a note. "Any slots
released at Berlin Tegel or Dusseldorf might present opportunities
for new entrants" such as Ryanair, analyst Damian Brewer said.
Ryanair, which has been expanding rapidly in Germany, sees Air
Berlin's insolvency filing as a set up for a takeover of the German
carrier by larger rival Deutsche Lufthansa AG. Such a deal "will be
in breach of all known German and EU competition rules," said a
Ryanair spokesman. Ryanair's ADRs rose 2% to $119.69, while
Deutsche Lufthansa AG, which trades over the counter, rose 4.7% to
$24.17.
(END) Dow Jones Newswires
August 15, 2017 17:42 ET (21:42 GMT)
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