ADR Report-Energy companies lead foreign stocks higher

Thu Jun 4, 2009 10:46pm BST
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NEW YORK, June 4 (Reuters) - Overseas shares traded in the United States rose on Thursday, led by energy companies including bellwethers Petrobras and PetroChina, as oil prices surged more than 4 percent.

The advance was underpinned by climbing shares of foreign banks, which rose on par with their U.S. peers after brokerage RBC Capital Markets said it sees U.S. bank stocks outperforming the broad market in the next years. For details see [ID:nBNG426422]

New York-traded shares of Petrobras (PBR.N: Quote, Profile, Research) jumped 4 percent to $43.65 and PetroChina (PTR.N: Quote, Profile, Research) added 3.4 percent to $119.53, while India's ICICI Bank (IBN.N: Quote, Profile, Research) gained 7.2 percent to $32.19.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) rose 1.2 percent, mirroring the rise in the U.S. benchmark S&P 500 index .SPX.

Crude futures settled 4.1 percent higher at $68.81 per barrel, after U.S. economic data fuel hopes the recession was easing. A higher price forecast for the end of the year from Goldman Sachs also supported the rise in oil. [ID:nWLA5900]

The Bank of New York Mellon's index of leading Asian ADRs gained 1.3 percent. Overnight in Asia, shares were lower as most major markets were hit by negative U.S. data on Wednesday.

Japanese financial shares posted some of the strongest gains from Asia, with ADRs of Nomura Holdings (NMR.N: Quote, Profile, Research), Mizuho Financial Group (MFG.N: Quote, Profile, Research) and Mitsubishi UFG Financial (MTU.N: Quote, Profile, Research) up between 3.7 and 6.1 percent.

The Bank of New York Mellon's index of leading European ADRs gained 0.8 percent. In Europe, the FTSEurofirst 300 index of top shares edged down 0.2 percent.

Luxembourg-based miner ArcelorMittal (MT.N: Quote, Profile, Research) added 3.6 percent to $34.77 while its Anglo-Australian peer Rio Tinto (RTP.N: Quote, Profile, Research) fell 3.7 percent to $182.68 on talk that it may raise a $15 billion rights issue to avoid the planned $19.5 billion investment from Chinese state-owned metal firm Chinalco.

The Bank of New York Mellon's index of leading Latin American ADRs jumped 2.7 percent, boosted by Petrobras, which also lifted Sao Paulo's benchmark index .BVSP. (Reporting by Rodrigo Campos; Editing by Kenneth Barry)

 
 
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