ADR Report-ADRs mostly lower, Elan plunges

Fri Aug 1, 2008 7:48pm BST
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NEW YORK, Aug 1 (Reuters) - Overseas shares traded in the United States were mostly lower on Friday as stock markets around the world declined amid rising oil prices

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) was down 1.4 percent while the 30-share Dow Jones industrial average .DJI fell 0.52 percent to 11,318.99.

ADRs of Irish pharmaceutical company Elan Corp PLC (ELN.N: Quote, Profile, Research) fell 51 percent to $9.79 on renewed concerns about the safety of multiple sclerosis drug Tysabri Shares of Elan's partner on the drug, U.S. company Biogen Idec, also fell sharply. The drug has already been pulled from the market.

ADRS of Shire LTD (SHPGY.O: Quote, Profile, Research) rose 4 percent to $52.41. RBC cut its price target on the ADRS of the U.K. pharmaceutical company to $60 from $64, a day after Shire reported second-quarter results that beat analyst expectations.

ADRs of mining group Rio Tinto (RTP.N: Quote, Profile, Research) fell 5 percent to $396.55 after concerns arose about its concession for an iron ore mine in Guinea. After receiving notification that the Simandou concession was rescinded, the company said it is confident that its arrangements meet Guinean laws.

The Bank of New York Mellon's index of leading European ADRs was down 1.3 percent.

The FTSEurofirst 300 index of top European shares ended 1.4 percent lower at 1,163.73.

ADRS of South African gold miner Gold Fields (GFI.N: Quote, Profile, Research) fell 12 percent to $10.33. The company reported a 10 percent decline in quarterly profit, citing rising costs and safety-related stoppages.

ADRs of Mizuho Financial Group (MFG.N: Quote, Profile, Research) rose 0.42 percent to $9.55. The Tokyo-listed shares fell after the company reported a decline in first-quarter core profits.   Continued...

 
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