By Anna Prior
International companies trading in New York closed mostly lower
Friday as finance ministers and central bankers from the Group of
20 nations started the first of a two-day meeting in Moscow amid
rising global currency tensions.
The Bank of New York index of ADRs fell 0.4% to 136.97.
The G-20 is expected to issue a pledge that monetary policy will
focus on price stability and growth rather than on efforts to
weaken currencies to boost exports. Still, there are some worries
weighing on Japanese stocks that the G-20 will focus on the recent
decline in the yen.
Meanwhile, retail in the U.K. unexpectedly fell in January,
posting the biggest monthly decline in nine months. Plus, a decline
in euro-zone imports and exports in December raised some concerns
about the region's manufacturing base and consumer demand.
The European index fell 0.4% to 129.01.
Shares of precious-metals miners were among the biggest
decliners after a round of downgrades by Citigroup. Shares of
Randgold Resources Ltd. (GOLD, RRS.LN) dropped 4% to $85.89 as Citi
downgraded the U.K. miner to sell from neutral.
However, Italian oil major Eni SpA (E, ENI.MI) rose 2.2% to
$47.32 after the company announced plans to raise its 2012 dividend
despite a drop in fourth-quarter profit.
The Asian index dropped 0.3% to 136.35.
Bank of America Merrill Lynch downgraded Dr. Reddy's
Laboratories Ltd. (RDY, 500124.BY) to neutral from buy, citing
modest growth prospects for the Indian pharmaceutical services
provider. "Following 46% sales growth over past two years in U.S.
markets (about 35% of sales), we expect sharp deceleration ... due
to limited number of differential launches with sizeable potential"
and fewer exclusivity products, the investment bank wrote in a note
to clients. Shares fell 2.7% to $33.88.
China-based agricultural company Agria Corp. (GRO) appointed
Patrick Wai Yip Tsang as chief financial officer. Mr. Tsang has
held financial roles at companies including China Resources
Enterprises Ltd. (0291.HK) and Tianjin Development Holdings Ltd.
(0882.HK). Shares of Agria rose 1.3% to 77 cents.
The Latin American index was essentially flat at 334.54 and the
emerging-markets index edged down 0.2% to 291.17.
South African gold miner Gold Fields Ltd. (GFI, GFI.JO) plunged
after a downgrade from Bank of America Merrill Lynch, which cut its
rating on the company to neutral from buy and reduced its price
target to $10.70, citing the company's unbundling of KDC and
Beatrix mines. "At current gold prices, KDC and Beatrix were making
material contributions to both earnings and cash flow, the
exclusion of which has had a significant impact on our valuation of
GFI," said the investment bank in a note to clients. Gold Fields
shares fell 7.2% to $11.16.
-Write to Anna Prior at anna.prior@dowjones.com