ADR Report-Commodities power foreign stocks to 4-month high

Fri May 1, 2009 10:28pm BST
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By Rodrigo Campos

NEW YORK, May 1 (Reuters) - Overseas shares traded in the United States closed at their highest level in almost four months on Friday lifted by shares of energy companies and miners as copper and crude oil futures prices jumped.

New York-traded shares of Petrobras (PBR.N: Quote, Profile, Research), PetroChina (PTR.N: Quote, Profile, Research), British Petroleum (BP.N: Quote, Profile, Research) and Royal Dutch Shell (RDSb.N: Quote, Profile, Research) posted gains between 2.4 and 4.3 percent, lifted by a 4.1 percent rise in New York crude oil futures CLc1.

And a hike of 2.6 percent in copper for July delivery HGN9 lifted shares in miners like Brazil's Vale RIO.N, up 5.5 percent to $17.42, and Britain's Rio Tinto plc (RTP.N: Quote, Profile, Research), up 5.6 percent to $172.01.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) rose 1.7 percent while the U.S. benchmark S&P 500 index .SPX gained 0.5 percent.

The ADR index closed above 100 points for the first time since January 9 and snapped a third straight week of gains.

The Bank of New York Mellon's index of leading Asian ADRs rose 1.4 percent with markets closed in most Asian countries due to the Labor Day holiday. Tokyo was an exception, and the benchmark Nikkei average .N225 hit a 4-month closing high.

ADRs of Mitsubishi UFG (MTU.N: Quote, Profile, Research) rose 1.1 percent to $5.48 despite Japan's largest bank announcement that it expected to post its first yearly loss. For details see [ID:nT8737]

The Bank of New York Mellon's index of leading European ADRs added 1.7 percent. In Europe, the FTSEurofirst 300 index of top shares inched up 0.1 percent as gains in miners offset profit taking. Trading was light as many European countries were also closed for the May Day holiday.

Receipts with the Bank of New York Mellon's index of leading Latin American ADRs jumped 3.7 percent. In Latin America, major markets were also closed for holidays.

 
 
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