ADRs End Mostly Higher; Coca-Cola Femsa Trades Actively
July 24 2017 - 5:51PM
Dow Jones News
International stocks trading in New York closed mostly up on
Monday.
The BNY Mellon index of American depositary receipts eased 0.02%
to 144.37 and the European index declined 0.25% to 135.90.
Meanwhile, the Asian index improved 0.39% to 165.97. The Latin
American index increased 0.24% to 232.66. And the emerging-markets
index rose 0.56% to 304.58.
Coca-Cola Femsa (KOF, KOF.MX) was among those with ADRs that
traded actively.
A 20% increase in Mexican sugar prices and this year's jump in
gasoline and diesel costs offset benefits of lower PET plastic
prices, curbing second-quarter profit margins at bottler Coca-Cola
Femsa. Separately, Dutch brewer Heineken NV (HEINY, HEIA.AE) has
notified KOF and other Coke bottlers in Brazil that it intends to
end a distribution agreement on Oct. 31. The Mexican bottler says
the agreement has another five years to run, said Coca-Cola Femsa
Chief Financial Officer Hector Trevino. KOF is seeking
"constructive dialogue" with Heineken, which will involve
discussion of compensation for early termination, he added.
Coca-Cola Femsa ADRs fell 6% to $85.40 while Heineken's, which
trade over the counter, closed down 1% at $50.77.
Randgold Resources Ltd. (GOLD, RRS.LN) said Monday it has
shifted its focus to finding additional reserves and resources at
the Tongon gold mine in Côte d'Ivoire and that it wants to extend
the mine's life beyond its current four-year horizon. The mine has
a production target of 285,000 ounces for 2017, the company said.
ADRs fell 1.5% to $89.20.
Royal Philips NV (PHG, PHIA.AE) said Monday it will begin a 1.5
billion- euro ($1.71 billion) share buyback program as it posted a
36% rise in second-quarter profit. ADRs rose 4.3% to $37.62.
Ryanair Holdings PLC (RYAAY, RYA.LN, RY4C.DB) on Monday said
profit rose 55% in its fiscal first quarter, bolstered by strong
ticket prices, but warned that overcapacity will continue to
pressure fares. ADRs fell 0.86% to $111.50.
Telecom Italia SpA (TI, TIA, TIT.MI) on Monday said Chief
Executive Flavio Cattaneo has resigned, amid mounting tensions with
shareholder Vivendi SA. Mr. Cattaneo is the second CEO to leave the
company in a little over a year as Vivendi, led by French
billionaire Vincent Bolloré, exerts control over the Italian
carrier. The French media and entertainment company built a stake
of nearly 25% in Telecom Italia -- just below the level at which an
investor must make a takeover bid. ADRs rose 4.4% to $9.98.
(END) Dow Jones Newswires
July 24, 2017 17:36 ET (21:36 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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