ADRs End Higher; GW Pharmaceuticals, Infosys and ArcelorMittal Trade Actively

International stocks trading in New York closed higher on Thursday.

The BNY Mellon index of American depositary receipts rose 0.3% to 153.86. The European index increased 0.4% to 141.72. The Asian index went up 0.2% to 180.98. The Latin American index fell 0.4% to 269.99, and the emerging-markets index rose 0.2% to 336.36.

GW Pharmaceuticals (GWPH), Infosys Ltd. (INFY) and ArcelorMittal SA (MT) were among those with ADRs that traded actively.

Next week brings a key test for what could become the first approved prescription drug derived from the cannabis plant in the U.S. The FDA has scheduled an advisory committee meeting April 19 to consider GW Pharmaceuticals' application to market cannabidiol oral solution, or Epidiolex, to treat seizures associated with two rare forms of epilepsy. The drug includes a component of the cannabis plant known as a cannabinoid, but not THC, the part of marijuana that provides a high. If it is approved, analysts predict annual sales growing to $1.6 billion in 2022, according to EP Vantage. But expect the FDA committee to scrutinize the drug's safety since children account for most of the targeted patient population. ADRs of GW Pharmaceuticals rose 3.4% to $122.51.

Tech firms are leading the Sensex higher ahead of the start of earnings season Friday with Infosys. Ambit Capital remains positive on Indian IT, predicting the sector will be the biggest beneficiary of U.S. tax reform as that should help boost IT spending there. Ambit expects Infosys to forecast 7%-9% revenue growth for the new fiscal year; the past year's increase is seen having been 6%. Infosys and Tata Consultancy are both up some 3%, adding to their double-digit gains for the year. ADRs of Infosys rose 3.8% to $18.01.

ArcelorMittal said Thursday that it will propose to shareholders that it changes the currency of its share capital to U.S. dollars from euros. The steelmaker said the change would simplify the company's reporting process, given that it prepares its consolidated financial information in dollars and its parent uses it as its functional currency. ArcelorMittal will hold a vote on the proposal at its extraordinary general meeting on May 16. ADRs of ArcelorMittal were up 1.3% to $32.27.

(END) Dow Jones Newswires

April 12, 2018 19:05 ET (23:05 GMT)

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