ADRs End Mixed; Vale, Petrobras Rise
February 29 2016 - 5:41PM
Dow Jones News
International stocks trading in New York were mixed on
Monday.
The BNY Mellon index of American depositary receipts eased 0.3%
to 114.82. The European index edged down 0.5% to 114.52; the Asian
index fell 0.4% to 121.73; the Latin American index rose 1.5% to
144.78; and the emerging markets index increased 0.4% to
205.13.
Vale SA (VALE, VALE3.BR, VALE5.BR, VALE5.FR) and Petroleo
Brasileiro SA (PBR, PETR3.BR, PETR4.BR) were among the companies
with ADRs that traded actively.
Brazilian companies with ADRs gained Monday after the Chinese
central bank lowered reserve requirements for banks, and the real
was little changed against the dollar. China is Brazil's biggest
trading partner, and measures by Chinese authorities to spur
economic growth often push Brazilian shares higher. Among the
gainers, ADRs of mining giant Vale rose 8.5% to $2.94 and
state-controlled oil company Petroleo Brasileiro, known as
Petrobras, increased 6.5% to $3.60.
Alibaba Group Holding Ltd. (BABA) said Executive Chairman Jack
Ma and Executive Vice Chairman Joseph Tsai are spending $500
million to buy company stock as the Chinese Internet giant tries to
shake off concerns that shopping on its sites will be hit as
China's economy slows. ADRs rose 2.8% to $68.81.
British bank Barclays PLC (BCS, BARC.LN) said on Monday that it
expects to update investors on its reassessment of the future its
shareholding in Barclays Africa Group Ltd. when it announces its
full-year results on Tuesday. ADRs rose 1.4% to $9.44.
Citigroup Inc. agreed to sell its 20% stake in unlisted China
Guangfa Bank for $3 billion to China Life Insurance Co. (LFC,
2823.TW, 601628.SH), making it the latest big Western bank to sell
off its Chinese bank holdings. China Life on Monday also said it
would also acquire about 568 million shares of Guangfa Bank from
International Business Machines Corp. for $554 million. China
Life's ADRs fell 2.6% to $10.91.
Gerdau SA (GGB, GGBR3.BR, GGBR4.BR) is delaying the release of
its 2015 financial results until March 15, as Brazil's largest
steelmaker by revenue evaluates the impact of an investigation into
tax fraud allegations. The company has denied any wrongdoing.
Gerdau had been scheduled to publish its 2015 results Tuesday. Last
week Brazilian police searched Gerdau's offices in five cities,
seizing computers, documents, mobile phones and other potential
sources of information. ADRs rose 0.9% to 88 cents.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
February 29, 2016 18:26 ET (23:26 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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