ADR Report: Shares End Higher Amid Light Trading
December 30 2011 - 4:56PM
Dow Jones News
International companies trading in New York closed higher Friday
amid light trading, ending a year marked by tumultuous news out of
the euro zone.
The Bank of New York index of ADRs rose 0.5% to 119.61 with
European financial companies trading up.
Europe's sovereign-debt crisis and related worries over the
euro-zone banking sector have jolted the markets over the past
year. But in the last trading session of 2011, banks ended mostly
in the black.
Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) ended up 1.5%
at $8.57, Royal Bank of Scotland Group PLC (RBS, RBS.LN) gained
1.8% to $6.37 and Lloyds Banking Group PLC (LYG, LLOY.LN) rose 2%
to $1.57.
The European index closed up 0.4% at 111.96.
BG Group PLC (BRGYY, BG.LN) rose 0.9% to $107 after the oil and
gas company said that one of its projects in Brazil was getting
close to production.
Hellenic Telecommunications Organization SA (HLTOY, HTO.AT),
Greece's dominant phone company, said Friday it has agreed to sell
its minority stake in Telecom Serbia for EUR380 million. Shares of
Hellenic Telecommunications climbed 1.8% to $1.73.
The Asian index added 0.6% to 113.31.
Chinese Internet television company Ku6 Media Co. (KUTV) said
its board has authorized it to repurchase up to $3.2 million of its
outstanding American depositary shares. Ku6 Media's stock surged
50% to $1.20.
The Latin American index climbed 0.6% to 331.24.
Banco Bradesco SA (BBD, BBDC4.BR), Brazil's third-biggest bank,
gave up on buying the Brazilian consumer finance unit of HSBC
Holdings PLC (HBC, 0005.HK, HSBA.LN) after offering 600 million
Brazilian reais ($322 million), Estado de S Paulo newspaper
reported Friday. Banco Bradesco's stock rose 1.3% to $16.68.
The emerging markets index gained 0.5% to 274.13.
Kim Eng upgraded its stock-investment rating on Sterlite
Industries (SLT, 500900.BY) to hold from sell, saying it reckons
the negatives are already priced in the stock valuation. The firm
added it believes that the government may sell its balance of
stakes in Bharat Aluminium and Hindustan Zinc (50180.BY) to
Sterlite, as Sterlite already holds 51% in Bharat Aluminium and 65%
in Hindustan Zinc.
"It would be positive for Sterlite if the long-pending stake
sale is completed," the firm said. Shares of Sterlite rose 1.2% to
$6.93.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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