ADR Report: Shares Up As European Debt Auctions Bring Optimism
January 12 2012 - 4:58PM
Dow Jones News
International companies trading in New York closed higher
Thursday, in line with the broader markets, as optimism over strong
Italian and Spanish debt auctions outweighed tepid U.S. economic
data.
The Bank of New York Index of ADRs gained 0.4% to 122.43, aided
by Europe's financial sector.
Fitch Ratings' head of global sovereign ratings, speaking at a
conference in Paris, said France "is not a crisis country" and will
not be downgraded from triple-A so long as its debt isn't pushed up
sharply by shocks related to the euro-zone debt crisis.
The remarks boosted the shares of France's three largest banks.
BNP Paribas SA (BNPQY, BNP.FR) closed 4.6% higher at $20.19, Credit
Agricole SA (CRARY, ACA.FR) rose 4.2% to $2.73, and Societe
Generale SA (SCGLY, GLE.FR) added 3.1% to $4.27.
Royal Bank of Scotland Group PLC (RBS, RBS.LN), the mostly
government-owned U.K. bank, unveiled a broad-ranging restructure to
prune back large parts of its investment banking unit, which will
see the bank shed a further 3,500 jobs over a three-year period.
Shares gained 5.4% to $7.17.
The European index climbed 0.5% to 112.79.
Dutch financial services company ING Groep NV (ING, INGA.AE)
said it will abandon its plan to float its European-Asian insurance
operations as one entity because choppy markets in Europe make it
difficult to unload it. Shares gained 3.8% to $7.99.
Luxembourg-based steel giant ArcelorMittal (MT, MT.AE) said it
is preparing to restart its west side steelmaking operations in
Cleveland, Ohio sometime in the early part of the second quarter as
customer demand picks up and in response to anticipated market
conditions. Shares increased 2.6% to $19.83.
The Latin American index grew 0.9% to 352.54, and the emerging
markets index rose 0.4% to 290.54.
Brazilian state-run energy giant Petroleo Brasileiro (PBR,
PETR4.BR), or Petrobras, said late Wednesday that its total oil and
gas reserves rose in 2011 due to the inclusion of recently
discovered offshore fields. Shares rose 2.2% to $28.21.
Companhia Brasileira de Distribuicao (CBD, PCAR4.BR), Brazil's
largest supermarket chain by revenue, said its fourth-quarter gross
same-store sales rose 8.7% from the year-ago period. Shares climbed
1.4% to $39.08.
December passenger traffic at Mexican airports beat analysts'
expectations, with the absence of bankrupt airline Mexicana no
longer dragging on results. UBS says "2012 is shaping up to post
better traffic figures than we have been expecting." The
brokerage's favorite play of Mexico's three publicly traded airport
groups is Grupo Aeroportuario del Pacifico SAB (PAC, GAP.MX), whose
shares gained 1.1% to $34.90.
The Asian index closed 0.1% lower at 118.34.
Scandal-hit Olympus Corp. (OCPNY, 7733.TO) is in talks with five
major technology firms and plans to enter into a capital alliance
with one or more of them in the coming months, the Asahi Shimbun
reported in its Thursday morning edition, citing people familiar
with the matter. Shares climbed 4.1% to $16.50.
China Grentech Corp. (GRRF) said it had agreed to be taken
private by a group of buyers for $3.15 per American depository
share. Shares of the provider of radio frequency and wireless
coverage products jumped 18% to $2.94.
But those gains were wiped out by India's technology sector
after Infosys Ltd. (INFY, 500209.BY), the country's second-largest
software exporter, sharply cut its forecast in dollar terms for the
fiscal year in the wake of the uncertain global economic climate.
Shares tumbled 8.8% to $51.85.
Wipro Ltd. (WIT, 507685.BY) and Satyam Computer Services Ltd.
(SAYCY, 500376.BY) also declined. Wipro shares fell 4.4% to $9.99
and Satyam closed 2.2% lower at $2.64.
-By Ian Thomson, Dow Jones Newswires; 212-416-2314;
ian.thomson@dowjones.com
Olympus (PK) (USOTC:OCPNY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Olympus (PK) (USOTC:OCPNY)
Historical Stock Chart
From Jul 2023 to Jul 2024