ADR Report-ADRs rise as banks extend rally on Citi
NEW YORK, July 18 (Reuters) - Overseas shares traded in the United States rose on Friday as stronger-than-expected results from Citigroup Inc (C.N: Quote, Profile, Research) helped extend a rally in financial companies' shares and shares in Europe.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) rose 0.5 percent while the 30-share Dow Jones industrial average .DJI was up 0.1 percent. For the week, the leading ADR index rose 0.8 percent while the Dow jumped 2.9 percent.
Citigroup posted a smaller-than-expected quarterly loss, despite $11.7 billion of write-downs and credit losses, and its shares soared more than 10 percent in afternoon trading on the New York Stock Exchange. For details see [ID:nN18431251]
U.S.-traded shares in Zurich-based UBS AG (UBS.N: Quote, Profile, Research) gained 3.7 percent to $21.27 and the Royal Bank of Scotland (RBS.N: Quote, Profile, Research) jumped 4.4 percent to $4.01, both on the NYSE.
The Bank of New York Mellon's index of leading European ADRs rose 1 percent, as the FTSEurofirst 300 index of top European shares gained 1.6 on gains by financial shares. The European ADR index rose 1.3 percent for the week.
The Bank of New York Mellon's index of leading Asian ADRs fell 1.3 percent on Friday.
In Asia, Tokyo's benchmark Nikkei .N225 recorded its sixth straight week of declines as tech shares were hit by disappointing results from Google (GOOG.O: Quote, Profile, Research) and Microsoft (MSFT.O: Quote, Profile, Research).
ADRs in Sony Corp (SNE.N: Quote, Profile, Research), Kyocera Corp (KYO.N: Quote, Profile, Research) and Matsushita MC.N were all down more than 2 percent on the NYSE. Continued...
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