ADR Report: Shares Lower Following Bernanke Remarks
February 29 2012 - 4:54PM
Dow Jones News
International companies trading in New York closed lower
Wednesday, in line with the broader market, after Federal Reserve
Chairman Ben Bernanke quashed any hopes of further quantitative
easing.
The Bank of New York index of ADRs fell 1.2% to 132.02 as the
price of gold tumbled.
Shares of miners dropped as gold slumped to a one-month low and
silver fell by almost 7% on Wednesday.
Peru's Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL) lost
4.6% to $40.13, Gold Fields Ltd. (GFI, GFI.JO) traded down 3.2% to
$15.37, Harmony Gold Mining Co. (HMY, HAR.JO) ended off 4% at
$12.72 and AngloGold Ashanti Ltd. (AU, ANG.JO) dropped 2.4% to
$42.45.
The European index declined 1.2% to 120.37.
Spanish oil firm Repsol YPF SA (REPYY, REP.MC) Wednesday said it
fourth-quarter net profit, excluding inventory effects, fell 28.9%,
weighed down by lower production in Libya. Shares of Repsol fell
5.8% to $25.95.
The forecast increase in global iron ore production capacity
over the next two years coupled with higher Chinese scrap steel
supply will likely drive down iron ore prices, possibly below the
current marginal cost of iron ore production, said Moody's
Investors Services in a report Wednesday. Shares of Rio Tinto PLC
(RIO, RIO.LN), which is one of the top iron ore producers in the
world, declined 2.7% to $56.93.
The Asian index shed 1.3% to 130.61.
Yingli Green Energy Holding Co. (YGE) swung to the red in the
fourth quarter as the Chinese solar panel manufacturer struggled
under heavy write-downs and plunging solar panel prices. Shares
fell 4.4% to $3.74. Fellow solar companies JinkoSolar Holding Co.
(JKS) and Suntech Power Holdings Co. (STP, K3ND.SG) also traded
down, falling 4.7% to $7.28 and 5.8% to $3.10, respectively.
The Latin American index slipped 1.2% to 382.45 and the emerging
markets index ended off 0.9% at 315.60.
Shares of Argentina's largest oil and gas company, YPF SA (YPF,
YPFD.BA), fell 14% to $26.23 on Wednesday on speculation the
government might nationalize the firm. President Cristina Kirchner
is set to address Congress on Thursday and investors are worried
that she may announce sweeping policy changes in the energy
industry, including a partial or full-blown takeover of YPF.
Brazilian homebuilder Gafisa SA (GFA, GFSA3.BR) said Wednesday
that it has refused a buyout offer from Chicago real-estate magnate
Sam Zell and Brazilian investment fund GP Investimentos. The
homebuilder, which has seen its stock jump in recent days on buyout
speculation, said in February that it received an offer from Equity
International, a Sam Zell company, and GP Investments. Gafisa's
shares tumbled 8% to $5.55.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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