ADR REPORT-Italian ADRs drop ahead of weekend election

NEW YORK Thu Feb 21, 2013 8:55pm GMT

NEW YORK Feb 21 (Reuters) - U.S.-listed shares of overseas companies dropped more than 1 percent for a second straight session on Thursday, with Italian shares falling ahead of the country's elections this weekend.

Energy shares also were sharply lower following another day of declines in crude oil prices. U.S. April crude fell $2.38, or 2.50 percent, to settle at $92.84 a barrel.

Uncertainty over the outcome of the elections on Feb. 23-24 weighed on Italian shares. Italy's benchmark FTSE MIB fell 3.1 percent.

Most investors expect a government headed by Pier Luigi Bersani to win and continue with current reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has caused doubts.

Among Italian ADRs, Eni was down 2 percent at $45.73 in New York while shares of Telecom Italia dropped 4.1 percent to $7.66 and shares of Luxottica Group were down 2.1 percent at $45.34.

In the energy sector, shares of France's Total fell 2 percent to $49.43, shares of Brazil's Petrobras declined 2.9 percent to $15.30 and shares of PetroChina were down 0.1 percent at $136.25.

The BNY Mellon index of leading American depositary receipts was down 1.4 percent, while the Standard & Poor's 500 index was down 0.65 percent.

The BNY Mellon index of leading European ADRs was down 1.5 percent, while the FTSEurofirst 300 index of top shares closed down 1.5 percent.

The BNY Mellon index of leading Asian ADRs was down 1.5 percent, while the index of leading Latin American ADRs was down 1.2 percent.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.