ADRs End Mostly Lower; Gold Companies Trade Actively
August 28 2017 - 6:32PM
Dow Jones News
International stocks trading in New York closed mostly lower on
Monday.
The BNY Mellon index of American depositary receipts declined
0.19% to 144.50, the Asian index fell 0.68% to 167.59, the Latin
American index declined 0.28% to 247.38, and the emerging-markets
index declined 0.57% to 314.43.
Meanwhile, the European index edged up 0.06% to 134.43.
Gold companies were among those with ADRs that traded
actively.
Despite good trial results for Novartis AG's (NVS, NOVN.EB)
anti-inflammatory treatment canakinumab, Bryan Garnier & Co. is
"cautious about how the drug will penetrate its target market,"
since it will likely target a narrower population than originally
anticipated. The brokerage sees the drug being oriented toward a
subgroup of heart patients with a history of smoking and whose
inflammation indicators fall below an established threshold after
the first treatment. Novartis says its phase III trial showed
canakinumab reduces certain cardiovascular events for these
patients. BGC expects "no more than 300,000 patients" would benefit
from the treatment "if its label fully reflects all the data
package." ADRs closed down 0.2% at $83.33.
Infosys Ltd. (INFY, 500209.BY) extended gains as its ADRs rose
1.1% to $15.31 after its board appointed one of the founders Nandan
Nilekani as its new chairman. This comes after Chief Executive
Vishal Sikka's sudden resignation earlier in August, which pulled
down the stock by 15% in the following two sessions. "The board is
focused on bringing complete stability to the company," Mr.
Nilekani says in a statement. The fact that it took only a week for
this to play out, is a positive, as Infosys can now look forward to
addressing business issues, says broker Motilal Oswal Securities.
However, the broker says developments around selection of a new
CEO, any disclosure of investigation report on Panaya acquisition
will determine the extent of potential re-rating.
Gold prices continued climbing Monday, buoyed by a weaker U.S.
dollar after a recent meeting of global central bankers offered few
clues about the future of monetary policy. Monday served as the
gold contract's largest one-day advance since May 17 and its
highest close since September 2016. Among those with ADRs, Gold
Fields Ltd. (GFI, GFI.JO) rose 5% to $4.36; AngloGold Ashanti Ltd.
(AU, ANG.JO) rose 6% to $9.48; and Randgold Resources Ltd. (GOLD,
RRS.LN) rose 2.3% to $99.99.
(END) Dow Jones Newswires
August 28, 2017 18:17 ET (22:17 GMT)
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