ADR Report-Foreign shares fall as metal prices hit miners

Tue Apr 28, 2009 11:08pm BST
[-] Text [+]

By Rodrigo Campos

NEW YORK, April 28 (Reuters) - Overseas shares traded in the United States fell on Tuesday as mining companies fell amid declines in metal prices and Japanese exporters were hit by a weaker dollar.

New York-traded shares of British miner Anglo American plc AAUK.O, down 6 percent at $9.68, were among top decliners as copper hit a fresh three-week low on worries about the U.S. financial sector's strength and angst about a potential flu pandemic that could slow the world's economic recovery.

"We've had the new flu scare further depressing global economic activity, and price weakness in copper and other metals," said Tony Robson, analyst at BMO Capital Markets in Toronto.

"We've been expecting some pullback in mining shares after a strong run-up."

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) slipped 0.7 percent while the U.S. benchmark Standard & Poor's 500 index .SPX dropped 0.3 percent. The Dow Jones industrial average .DJI dipped 0.1 percent.

The Bank of New York Mellon's index of leading European ADRs fell 0.6 percent. In Europe, the FTSEurofirst 300 index of top shares ended 1.5 percent lower, though off session lows, pulled down by banks and miners.

ADRs of Deutsche Bank (DB.N: Quote, Profile, Research) fell 4.7 percent to $52.89 and Lloyds Banking Group (LYG.N: Quote, Profile, Research) lost 4 percent to $5.53 amid news that U.S. regulators are talking to Citigroup about its capital levels, and Bank of America may need billions in new capital.

The Bank of New York Mellon's index of leading Asian ADRs fell 1.2 percent. ADRs of Japanese exporters were hit by a weaker dollar, with Canon Inc (CAJ.N: Quote, Profile, Research) down 2.1 percent to $29.31 and Nissan Motor NSANY.O off 6.2 percent at $9.79.  Continued...

 
DB.N
Last:
Change:
Up/Down:
 
by Name by Symbol