ADR Report: Shares End Up As Financials Trade Higher
March 15 2012 - 5:04PM
Dow Jones News
International companies trading in New York closed higher
Thursday, in line with the broader market, following strong
economic indicators out of the U.S., improving sentiment about the
health of the world's largest economy.
The Bank of New York index of ADRs closed 0.7% higher at 132.28
as financial stocks broadly gained after new claims of unemployment
by U.S. workers fell to levels last seen four years ago.
European banks gained, with Credit Suisse Group AG (CS, CSGN.VX)
rising 2.6% to $29.20, Credit Agricole SA (CRARY, ACA.FR) adding
1.6% to $3.28 and ING Groep NV (ING, INGA.AE) gaining 2.1% to
$9.34.
The European index rose 0.8% to 121.03.
Offsetting the gains of financial firms was Flamel Technologies
SA (FLML), which agreed to take over specialty drug maker Eclat
Pharmaceuticals in a debt-and-warrant deal and named Eclat's chief
executive to replace its own CEO. Shares of Flamel tumbled 23% to
$5.93.
The Asian index climbed 0.8% to 131.14 as solar companies
gained.
Hanwha SolarOne Co. (HSOL) rose 5.9% to $1.44 despite reporting
fourth-quarter results below expectations, JA Solar Holdings Co.
(JASO) added 2.2% to $1.83 and Trina Solar Ltd. (TSL, K3KD.SG)
gained 3.3% to $7.75.
Real estate services provider IFM Investments Ltd.'s (CTC)
fiscal fourth-quarter results topped analysts' estimates. Shares
added 2.9% to 65 cents.
The Latin American index added 0.2% to 377.51.
Investors on Thursday shrugged off news that two Argentine
provinces had moved to revoke concessions held by the oil and gas
giant YPF SA (YPF, YPFD.BA), deciding to buy the stock anyway,
sending shares up 4.5% to $27.97. On Wednesday, Chubut Governor
Martin Buzzi and Santa Cruz Governor Daniel Peralta said they were
revoking concessions held by the company--two in Chubut and
possibly three in Santa Cruz--in a dispute over investment and
production. YPF said it has invested millions in the provinces and
will defend itself in court.
Gol Linhas Aereas Inteligentes (GOL, GOLL4.BR) Chief Executive
Constantino Oliveira Jr. said Wednesday that the airline's
expansion into more international routes isn't a sign that he is
looking into acquisitions abroad. Shares rose 3.1% to $8.46.
The emerging markets index gained 0.4% to 312.38.
Gold futures gained for the first time this week on Thursday, as
declines in the U.S. dollar and the metal's slide the previous day
to eight-week lows drew some opportunistic buyers.
Among South African mining firms, Harmony Gold Mining Co. (HMY,
HAR.JO) gained 0.9% to $11.18, DRDGOLD Ltd. (DRD, DRD.JO) rose 1%
to $7.15 and AngloGold Ashanti Ltd. (AU, ANG.JO) added 1.2% to
$38.42.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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