ADR Report: Shares Fall On Negative News Out Of Spain

NEW YORK (Dow Jones) -- International companies trading in New York closed lower Monday, in line with the broader market, dragged down by disappointing news out of Spain.

The Bank of New York index of ADRs fell 0.6% to 126.86.

Spain's banks came under pressure after a round of credit-rating downgrades and weak growth data for the country.

Banco Santander SA (STD, SAN.MC) dropped 2.2% to $6.33 and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) lost 1.8% to $6.75.

The European index declined 0.6% to 116.36.

U.K. insurer Aviva PLC (AV, AV.LN) said Monday it would review its remuneration policy in response to mounting shareholder pressure on pay, and that Chief Executive Andrew Moss had turned down a proposed 2012 salary increase. Shares of Aviva slipped 2.6% to $10.03.

The Asian index shed 0.6% to 126.76.

The Mongolian parliament is discussing a law that will cap investment by foreign state-owned firms in strategic assets, according to people familiar with the situation, a move that could potentially derail Aluminum Corp. of China Ltd.'s (ACH, K3HD.SG, 2600.HK, 601600.SH) bid to buy a controlling stake in SouthGobi Resources Ltd. (1878.HK). Shares of the Aluminum Corp. of China dropped 4.8% to $12.03.

India's Wipro Ltd. (WIT, 507685.BY) said Monday it has agreed to buy Australia's Promax Applications Group for A$35 million ($36.46 million) in cash, to help the software exporter tap the market for analyzing customer data as it looks to drive growth at its struggling outsourcing division. Wipro's U.S.-traded shares ended off 1.1% at $9.66.

The Latin American index traded down 0.6% to 352.10 and the emerging markets index lost 0.6% to 296.60.

Meatpacker BRF Brasil Foods (BRFS, BRFS3.BR) fell 3.6% to $18.43 after reporting a drastic decline in first-quarter profit due to a disappointing export performance.

Peruvian mining company Compania de Minas Buenaventura SAA (BVN, BUENAVC1.VL) said Friday its first-quarter net income totaled $207.5 million, or 82 cents a share, down from $224.8 million, or 88 cents a share, in the same quarter a year earlier. The company, whose shares ended Monday down 2.4% at $41.27, said its results were impacted by higher operating costs and expenses in the quarter, while sales were flat.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

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