ADRs End Higher; UBS Rises
June 21 2016 - 6:39PM
Dow Jones News
International stocks trading in New York closed higher on
Wednesday.
UBS Group AG (UBS) was among the companies with ADRs that traded
actively.
The BNY Mellon index of American depositary receipts rose 1.1%
to 124.29. The European index increased 1.3% to 122.72, the Asian
index improved 0.7% to 131.73, the Latin American index rose 0.3%
to 177.33 and the emerging markets index increased 0.3% to
229.18.
UBS issued a warning Tuesday that the Swiss bank may have
difficulty accommodating trading in the run-up to, and in the wake
of, this week's U.K. vote on European Union membership. ADRs rose
2.5% to $15.44.
Energy and mining giant BHP Billiton has started tapping into
its backlog of drilled oil wells in Texas and could profitably
drill new wells if oil prices hold above $50 a barrel, Chief
Executive Andrew Mackenzie said. Earlier Tuesday, BHP sounded a
bullish note on future coal demand and its role as a major
exporter. ADRs of BHP Billiton Ltd. (BHP, BHP.AU) fell 7 cents to
$28.30 and BHP Billiton PLC (BBL, BLT.LN) rose 9 cents to
$25.06.
Oi SA (OIBR, OIBRC, OIBR4.BR) seeking bankruptcy protection is
likely to result in more loan-loss provisions at local banks. The
troubled Brazilian phone company had reported gross debt of about
50 billion reais ($14.7 billion), with about a quarter of it owed
to commercial banks like Itau Unibanco Holding SA (ITUB, ITUB3.BR,
ITUB4.BR) and Banco Bradesco SA (BBDO, BBD, BBDC4.BR) and an
additional 5% in the hands of development banks. According to
analysts, banks usually adopt a provision of one third on loans of
companies requiring bankruptcy protection. ADRs of Oi fell 2.8% to
$1.75, Itau fell 5 cents to $8.59 and Bradesco rose 2.3% to
$7.61.
The incoming chief executive of Rio Tinto PLC (RIO, RIO.AU,
RIO.LN) shook up the mining giant's top ranks in an effort to steer
the company through a prolonged slump in prices for the commodities
it sells. ADRs rose 12 cents to $30.17.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 21, 2016 18:24 ET (22:24 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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