ADR Report-Bets on growth in rally boost foreign stocks

Thu May 14, 2009 10:55pm BST
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By Rodrigo Campos

NEW YORK, May 14 (Reuters) - Overseas shares traded in the United States rose on Thursday as investors overlooked weak U.S. jobs data and bet the recent stocks rally has room for growth.

New York-traded shares of foreign banks and miners were among the top gainers, with Credit Suisse (CS.N: Quote, Profile, Research) up 6.5 percent to $40.25 and ArcelorMittal (MT.N: Quote, Profile, Research) up 4.7 percent to $25.55.

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) gained 1.3 percent while the U.S. benchmark S&P 500 index .SPX rose 1 percent.

The ADR index has fallen in two of the last four sessions and is down 3.9 percent for the week so far, but it is up 18.5 percent since April after falling 13.6 percent in the first quarter.

The Bank of New York Mellon's index of leading Asian ADRs added 0.6 percent. Overnight in Asia shares tumbled in all major markets, hurt by weak U.S. retail sales data on Wednesday.

ADRs of Japanese electronics manufacturer Sony Corp (SNE.N: Quote, Profile, Research) rose 1.6 percent to $26.26 after falling nearly 7 percent in Tokyo. The company projected another year of losses, but also announced cost-cutting measures via the closing of eight factories worldwide and said it would cut 16,000 jobs.

The MSCI index of Asian shares outside Japan .MIAPJ0000PUS slid 3.2 percent.

The Bank of New York Mellon's index of leading European ADRs rose 1.5 percent. The FTSEurofirst 300 index of top European shares rose 0.5 percent after three days of losses, as gains in banks overshadowed losses in the energy sector.  Continued...

 
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