ADRs End Lower; Oil Majors Decline
December 30 2015 - 4:23PM
Dow Jones News
International stocks trading in New York closed lower on
Wednesday.
The BNY Mellon index of American depositary receipts fell 1% to
128.41. The European index decreased 0.84% to 128.33, the Asian
index dropped 1.1% to 138.77, the Latin American index fell 2.5% to
146.72 and the emerging markets index declined 1.8% to 216.51.
Oil majors were among the companies with ADRs that traded
actively.
Oil prices tumbled Wednesday as data showed an unexpected
increase in U.S. crude supplies. Diesel futures dropped to the
lowest level since 2004 as U.S. stockpiles of distillates, a
category that includes diesel fuel and heating oil, rose more than
expected. A global glut of crude has weighed on the market for more
than a year. Among oil majors with ADRs, BP PLC (BP, BP.LN) fell
1.8% to $31.31, China Petroleum & Chemical Corp. (SNP, 0386.HK)
dropped 2.1% to $60.04 and Total SA (TOT, FP.FR) declined 1.5% to
$45.16.
Dr. Reddy's Laboratories Ltd. (RDY, 500124.BY) relaunched its
popular heartburn remedy in a new color Wednesday after a court
agreed with AstraZeneca PLC's (AZN, AZN.LN) objections to the old
one. The Hyderabad company, India's second-largest drugmaker by
sales, changed its generic version of the U.K. drugmaker's Nexium
from two-tone purple to two-tone blue. London-based AstraZeneca,
which markets Nexium as "the purple pill" and sells it through a
domain called purplepill.com, had claimed the old hue infringed on
its trademarks. Dr. Reddy's ADRs fell 1% to $46.29 and AstraZeneca
edged up three cents to $34.49.
China Telecom Corp. (CHA, 0728.HK, K3ED.SG) said Chairman and
Chief Executive Chang Xiaobing has resigned days after the
country's antigraft watchdog said it had detained him, one in a
series of moves against executives at the top of state-owned
enterprises. Mr. Chang, formerly chairman of China Unicom Ltd.
(CHU, 0762.HK, K3ID.SG), had assumed the top post at China Telecom
in August. ADRs of China Telecom fell 1.4% to $46.61 and China
Unicom decreased 1.6% to $12.09.
Royal Dutch Shell PLC (RDSA, RDSA.LN) on Wednesday said one of
Ireland's largest-ever energy projects is now producing natural
gas, following nearly two decades of development. Shell and its
partners on Tuesday overcame the final hurdle to pumping from the
Corrib gas field when Irish regulators gave them final consent to
bring the offshore gas to consumers via pipeline to an inland
terminal. Shell ADRs fell 1.1% to $45.99.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
December 30, 2015 17:08 ET (22:08 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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