ADR Report: Shares Close Higher As Earnings Season Begins
January 10 2012 - 4:47PM
Dow Jones News
International companies trading in New York closed higher
Tuesday as investors were encouraged by a positive kick-off to
earnings season, while French stocks got a lift on comments from
Fitch Ratings that it doesn't plan to downgrade the country this
year.
The Bank of New York index of ADRs rose to 1.3% to 122.40.
A Fitch representative reiterated the rating's firm December
statement in which it said France would keep its triple-A credit
rating in 2012 unless there is a major economic shock.
Among French banks, BNP Paribas SA (BNPQY, BNP.FR) was up 5.8%
to $18.83, Societe Generale SA (SCGLY, GLE.FR) rose 6.6% to $4.05
and Credit Agricole SA (CRARY, ACA.FR) closed 3.1% higher at
$2.63.
Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) shares rose
5% to $7.99, even after the warning of a EUR1 billion hit to
fourth-quarter earnings from writing down the book value of its
U.S. franchise. Investors took the news in stride because the
writedown will positively impact the Spanish bank's core capital
thanks to a EUR400 million tax benefit. "Everything that points
away from a possible capital increase is good news," said David
Gualtieri, director of equity sales at Intermoney.
The European index rose 1.1% to 113.13.
Shares in Cairn Energy PLC (CRNCY, CNE.LN) gained 4.8% to $8.36
after the company provided details of a planned $3.5 billion payout
following its sale of a 40% stake in Cairn India to Vedanta
Resources PLC's (VED.LN) last year.
Deutsche Telekom AG (DTEGY, DTE.XE) and online discounter
Groupon Inc (GRPN) confirmed Tuesday they have entered a
partnership to jointly accelerate the growth in mobile internet
services. Groupon will provide coupons for several European
subsidiaries of Deutsche Telekom that will be available to mobile
users, the companies said in a joint statement. Shares of Deutsche
Telekom closed 1.6% higher at $11.42.
The Asian index added 1.7% to 118.30.
Olympus Corp. (OCPNY, 7733.TO) said it filed lawsuits against 19
of its current and former board members, including President
Shuichi Takayama, that it deems responsible for its accounting
scandal, seeking a total of Y3.61 billion in damages. Shares of the
Japanese maker of cameras and medical equipment surged 23.3% to
$16.53 as the company strives to regain investor trust following
one of the biggest corporate scandals to rock Japan in recent
years.
Focus Media Holding Ltd. (FMCN, 8112.HK) said it will begin
paying its shareholders a quarterly dividend, a plan that the
besieged Chinese digital-advertising company said reflects
confidence in its business. Investors cheered a new dividend policy
that aims to distribute shareholders' payments equal to roughly 25%
of the company's annual adjusted profit in the preceding fiscal
year. Shares were up 9.7% to $20.52.
The Latin American index advanced 1.6% to 347.18 and the
emerging markets index climbed 1.8% to 288.26.
Mexican airport operator Grupo Aeroportuario del Pacifico SAB
(PAC, GAP.MX), or GAP, said it expects revenue growth between 7.5%
and 8.5% this year, with passenger traffic at its airports
increasing by 3% to 4%. Shares climbed 1% to $35.14.
Copper futures rose to a one-week high after record monthly
imports to top consumer China raised hopes that demand for the
industrial metal would hold up despite the headwinds from Europe's
debt crisis. That boosted the sale of Brazil's Vale SA (VALE,
VALE5.BR), which climbed 1.6% to $22.85, and Peru's Compania de
Minas Buenaventura SA (BVN, BUENAVC1.VL), which closed 2% higher at
$40.23.
-By Maya Pope-Chappell, Dow Jones Newswires; 212-416-3670;
Maya.pope-chappell@dowjones.com
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