ADRs End Higher; Telecom Italia, Tim Participacoes Rise
July 26 2016 - 6:05PM
Dow Jones News
International stocks trading in New York closed higher on
Tuesday.
Telecom Italia SpA (TI, TIA) and Tim Participacoes SA (TSU,
TIMP3.BR) were among the companies with ADRs that traded
actively.
The BNY Mellon index of American depositary receipts rose 0.5%
to 126.28. The European index increased 0.4% to 122.27; the Asian
index improved 0.7% to 136.79; the Latin American index rose 0.4%
to 196.83; and the emerging-markets index increased 0.9% to
246.54.
Telecom Italia (TI, TIA) said its first-half net profit reached
1 billion euros ($1.1 billion) as the company benefited from the
effects of a convertible bond issued in 2013. The largest Italian
telecom operator said that without such accounting effects, net
profit would be almost flat on the year. ADRs rose 4% to $8.
Brazilian mobile-phone company Tim Participacoes SA (TSU,
TIMP3.BR) late Monday reported a 92% decline in its net profit in
the second-quarter, as revenue fell amid the country's economic
recession. The unit of Telecom Italia also reduced its capital
spending guidance. ADRs rose 5.4% to $12.58.
Anheuser-Busch InBev NV (BUD, ABI.BT) raised its offer for
SABMiller PLC (SBMRY, SAB.LN, SAB.JO) in their proposed $100
billion-plus beer megamerger, as the the world's largest brewer
aims to assuage concerns over the valuation of the deal after the
British pound's steep descent. Anheuser-Busch InBev's ADRs rose 64
cents to $126.60. SABMiller, which isn't included in the index
declined 1.1% to $57.65.
BP PLC (BP, BP.LN) said a two-year oil price slump and the 2010
Gulf of Mexico oil spill were exacting a punishing toll, sending
the British oil giant to its third straight quarterly loss. ADRs
fell 31 cents to $34.59.
Switzerland's biggest banks--UBS Group AG (UBS) and Credit
Suisse Group AG (CS, CSGN.EB) -- are expected to post downbeat
quarterly results later this week, as each struggle amid turbulent
markets and increasingly strict regulation. Among the newest
challenges: a tightening squeeze due to the country's negative
interest rate policy. ADRs of Credit Suisse fell 7 cents to $11.57
and UBS rose 3 cents to $13.50.
Orange SA (ORAN, ORA.FR) reported that its sales growth slowed
slightly in the second quarter as intense competition in its home
market of France weighed on results. ADRs of France's largest
telecoms company fell 3.6% to $15.20.
About 400 workers at seven Royal Dutch Shell PLC (RDSA, RDSA.LN)
oil and gas platforms in the U.K. North Sea began a 24-hour strike
early Tuesday in a dispute over proposed cuts of up to 30% on pay
and allowances, the Unite union said in a news release. Production
won't be affected by the strike because the platforms are
undergoing maintenance, Shell said. ADRs rose 1.5% to $54.36.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
July 26, 2016 17:50 ET (21:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
TELECOM ITALIA SPA CL A (NYSE:TIA)
Historical Stock Chart
From Jun 2024 to Jul 2024
TELECOM ITALIA SPA CL A (NYSE:TIA)
Historical Stock Chart
From Jul 2023 to Jul 2024