ADR REPORT: Shares Mostly Up As ECB Bond Buying Lifts Region
August 05 2011 - 4:58PM
Dow Jones News
International companies trading in New York closed mostly higher
Friday as a second day of bond-buying by the European Central Bank
boosted the region's financial stocks.
The Bank of New York index of ADRs edged up 0.4% to 127.09.
The ECB returned to the secondary bond market for the second day
in a row, buying Irish and Portuguese debt. The central bank was
also said to be open to buying Spain's and Italy's government
bonds, but that it is not committed to the idea, the Wall Street
Journal reported.
Shares of Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC)
rose 6.7% to $9.51, while Banco Santander SA (STD, SAN.MC)
increased by the same percentage to $9.39.
The European index rose 1% to 116.26.
Telecom Italia SpA (TI, TIT.MI), Italy's largest
telecommunications operator, confirmed its full-year targets of
broadly stable revenue and earnings before interest, tax,
depreciation and amortization, easing investors' concerns over a
possible guidance cut. Shares jumped 13% to $12.42.
The Asian index dipped 0.5% to 126.90.
KT Corp. (KT, 030200.SE), South Korea's largest fixed-line
operator and second-largest mobile carrier by revenue, reported a
marginal increase in second-quarter profit that missed analysts'
expectations. Shares fell 4.7% to $18.07.
WSH Holdings Ltd. (WH), a Chinese maker of casing, tubing and
drill pipes for the oil and gas industries, was notified by the New
York Stock Exchange it is not in compliance with listing standards
involving its share price. Shares plunged 19% to 52 cents.
The Latin American index slid 0.6% to 355.61.
The Estado de S Paulo newspaper reported Brazilian electric
utilities are pressuring the country's Mines and Energy Ministry to
keep state-controlled oil company Petroleo Brasileiro SA (PETR4.BR,
PBR) out of this month's energy auction. Electric companies have
complained about the unfair advantage the company will have in the
auctions, the report said. Its shares fell 2.7% to $29.07.
Argentine bank Banco Macro SA (BMA, BMA.BA) said Thursday that
its second-quarter net profit rose 16% from a year earlier as a
consumer spending spree underpinned strong demand for credit. But
shares dipped 0.3% to $30.72 as loan loss provisions more than
doubled to ARS62 million, while income taxes rose to ARS148.9
million from ARS72.3 million.
The emerging markets index retreated 0.9% to 299.17.
Indian metals stocks fell on worries that global economic
worries will sap commodities demand, K.R. Choksey Shares &
Securities Managing Director Deven Choksey said. Shares of India's
Sterlite Industries (SLT, 500900.BY) shares fell 3% to $12.72.
Some South African miners also saw declines as Gold Fields
Ltd.'s (GFI, GFI.JO) shares fell 3.3% to $14.80 and Evraz Highveld
Steel & Vanadium Corp. (HGVLY, EHS.JO) dropped 5.7% to
$5.80.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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