ADR Report: Shares Lower On Continued Euro-Zone Concerns
December 28 2011 - 4:48PM
Dow Jones News
International companies trading in New York closed lower
Wednesday, in line with the broader market, as investors continued
to fret over the state of the euro zone.
The Bank of New York index of ADRs fell 1.7% to 117.58.
Shares of German and French banks saw added pressure as the
European Central Bank's overnight deposit facility reached a second
straight record, suggesting that banks would rather park cash there
rather than lend it to other banks.
Deutsche Bank AG (DB, DBK.XE) ended 3.8% lower at $37.19,
Societe Generale SA (SCGLY, GLE.FR) closed down 2.5% at $4.22 and
Credit Agricole SA (CRARY, ACA.FR) lost 3.3% to $2.66.
Among U.K. lenders, Barclays PLC (BCS, BARC.LN) lost 3.6% to
$10.73 and Royal Bank of Scotland Group PLC (RBS, RBS.LN) fell 3.8%
to $6.16.
The European index declined 1.6% to 110.17.
Crude-oil futures edged lower in thin volume as traders awaited
more clarity on possible Iranian sanctions and further news on
Europe's sovereign-debt crisis. That weighed on energy stocks, with
Repsol YPF SA (REPYY, REP.MC) down 4.3% at $29.60 and Royal Dutch
Shell PLC (RDSA, RDSB, RDSA.LN, RDSB.LN) ending 1.6% lower at
$72.26.
The Asian index shed 1.5% to 111.17.
Olympus Corp. (OCPNY, 7733.TO) closed 4.8% lower at $11.91 after
the company's auditing committee of outside experts said it won't
be able to deliver an interim report by the original year-end
deadline.
The Latin American index fell 2.5% to 325.60.
Gold producer Minera Yanacocha SRL said late Tuesday that it
supports an agreement to review the environmental-impact study of
its $4.8 billion Minas Conga project in Peru. On Tuesday, Peru's
government announced an agreement with authorities from Cajamarca
region to hire international consultants to review Conga's
environmental permit, which was approved in October 2010. Shares of
Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL), which has a
43.65% stake in Yanacocha, shed 4.5% to $37.54.
The emerging index dropped 1.9% to 270.28.
Renewed investor demand for cash slammed precious metals
Wednesday, sending silver to its lowest level in almost a year and
gold to its weakest price in five months. South African miners
traded down, with Gold Fields Ltd. (GFI, GFI.JO) losing 3.5% to
$15.06; Harmony Gold Mining Co. (HMY, HAR.JO) off 2.8% at $11.50;
and AngloGold Ashanti Ltd. (AU, ANG.JO) down 3.2% to $41.08.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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