ADRs End Mostly Higher; Prudential PLC, Cemex SAB and Barclays Trade Actively
March 14 2018 - 6:19PM
Dow Jones News
International stocks trading in New York closed mostly higher on
Wednesday.
The BNY Mellon index of American depositary receipts rose 0.1%
to 153.54. The European index dropped 0.01% to 138.81. The Asian
index rose 0.4% to 185.98. The Latin American index decreased 0.1%
to 276.16. And the emerging-markets index rose 0.4% to 347.46.
Prudential PLC (PUK), Cemex SAB de CV (CX) and Barclays PLC
(BCS) were among those with ADRs that traded actively.
British insurer Prudential PLC has split its European and
international arms into two new companies. The 170-year-old firm
said Wednesday it will demerge M&G Prudential, its U.K. and
European business, leaving investors with shares in two separately
listed companies. Prudential--which isn't related to Prudential
Financial Inc., a U.S. financial-services provider--will become a
solely international firm, focused on the U.S., Asia and Africa,
and will be led by current Chief Executive Mike Wells. M&G
Prudential will focus on the retirement and savings business in the
U.K. and Europe. ADRs of Prudential rose 5.6% to $53.99.
The U.S. Department of Justice is investigating Mexico's Cemex
SAB over payments made by the company related to a cement plant it
is building in Colombia to determine whether they violated federal
bribery laws. Cemex, one of the world's largest cement producers,
said in a filing Monday that it had received a federal grand jury
subpoena related to the project. The company in late 2016
previously had disclosed a U.S. Securities and Exchange Commission
investigation into the payments, seeking information to determine
whether the payments had violated the Foreign Corrupt Practices
Act. A spokesman for the Monterrey-based company had declined to
comment further. ADRs of Cemex dropped 1.6% to $7.21.
Barclays PLC has become a rare global bank to embrace the
cryptocurrency sector by signing exchange operator Coinbase as a
customer. Deposits from Coinbase users in the U.K. will be held in
a new customer account at Barclays, Coinbase UK Chief Executive
Zeeshan Feroz said Wednesday. Working with San Francisco-based
Coinbase is a big stride for Barclays into a sector that many banks
have shunned for being too risky. Bitcoin and other
cryptocurrencies aren't backed or controlled by any government, and
global regulators are still grappling with how to supervise trade
in the currencies and related activities. A spokesman for Barclays
had declined to comment, citing client confidentiality. ADRs of
Barclays were down 1% to $11.65.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
March 14, 2018 18:04 ET (22:04 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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