ADR REPORT-Foreign shares climb on strong Chinese data
NEW YORK |
NEW YORK Jan 10 (Reuters) - U.S.-listed shares of foreign companies rose 1 percent on Thursday as stronger-than-expected export data from China boosted optimism about growth in the world's second-largest economy.
Cyclical shares, which are closely tied to the pace of economic growth, were among the biggest advancers, with the energy and material sectors especially strong.
China's export growth rebounded sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, even as demand from Europe and the United States remained subdued.
The BNY Mellon index of leading American depositary receipts rose 1.1 percent, while the BNY Mellon index of leading Asian ADRs was up 1 percent.
The rises outpaced a 0.4 percent advance in the S&P 500 , which struggled to notch further gains as it hovered near a five-year high.
Aluminum China climbed 5.6 percent to $13.16, while China Petroleum was up 1.1 percent at $118.54. Tech shares were also strong in Asia, with Taiwan Semi up 2.5 percent to $17.98 and Advanced Semiconductor Engineering up 2.6 percent at $4.40.
The BNY Mellon index of leading European ADRs rose 1.3 percent as the FTSEurofirst 300 index of top shares closed down 0.3 percent in a pullback from near two-year highs. BP Plc rose 1.3 percent to $44.84 while
The BNY Mellon index of leading Latin American ADRs rose 0.5 percent.
Among the most active foreign shares traded on U.S. exchanges, Nokia Corp surged 18 percent to $4.43 after it said strong sales of Lumia smartphones helped its mobile phone business achieve underlying profitability in the fourth quarter, raising hopes the struggling handset maker may be past the worst.
Canadian silver mining firm Silver Standard Resources fell 6.9 percent to $14.10 after it said it would offer $200 million of convertible senior notes and would use up to about $138 million of the proceeds to repurchase or redeem its existing convertible notes in March.
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