ADR Report: Shares Higher As Gold Miners Climb
April 12 2012 - 5:12PM
Dow Jones News
International companies trading in New York closed higher
Thursday, in line with the broader market, as traders took an
optimistic view of global growth.
The Bank of New York index of ADRs rose 1.7% to 127.03 as
Federal Reserve officials voiced support for the central bank's
accommodative monetary policies.
The price of gold hit a two-week high on expectations that
demand for the metal as an alternative asset would hold up.
Shares of gold miners climbed.
Gold Fields Ltd. (GFI, GFI.JO) rose 2.2% to $13.07, AngloGold
Ashanti Ltd. (AU, ANG.JO) added 2.1% to $34.30 and DRDGold Ltd.
(DRD, DRD.JO) gained 4.9% to $7.02.
The European index closed up 1.6% at 115.65.
Subsea 7 SA (SUBCY, SUBC.OS) shares closed sharply higher, up 4%
at $25.94, after the company said it is considering spinning off
and listing its Veripos subsidiary. Such a move could be seen as
strategically sound as it may be easier for Veripos to grow as a
separate company, said an Oslo-based analyst. Still, the analyst
noted that Veripos made up only around 1% of Subsea 7's group
revenue last year, so the financial implications should be
limited.
The Asian index gained 1.5% to 127.42 and the emerging markets
index climbed 2.3% to 302.21.
Infineon Technologies AG (IFNNY, IFX.XE) shares rose 6.5% to
$9.94 as Deutsche Bank upgraded its stock-investment rating on the
company to buy from hold, and raised its target price. A restocking
cycle in the industrial segment and continued growth in automotive
should drive margin and revenue trough in the first quarter, the
firm said. Furthermore, in the long term the company's power
semiconductors segment should benefit from an increase in renewable
energy generation in China, India and Germany by 2017, the firm
added.
The Latin American index jumped 2.6% to 363.53.
Shares of Argentina's largest oil-and-gas producer, YPF SA (YPF,
YPFD.BA), rallied 8.6% to $22.93 on speculation that Argentine
President Cristina Kirchner could announce a government takeover of
the firm later in the day.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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