ADR Report-Foreign stocks inch up on banks, metals

Thu Apr 30, 2009 11:09pm BST
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By Rodrigo Campos

NEW YORK, April 30 (Reuters) - Overseas shares traded in the United States were modestly higher on Thursday as gains in banks and metal companies outpaced declines in oil and telecommunications companies.

Worries of a fallout from U.S. carmaker Chrysler's bankruptcy filing also weighed on the market, as it lost most of its 2 percent gains towards the close.

New York-traded shares of European banks HSBC (HBC.N: Quote, Profile, Research) and UBS (UBS.N: Quote, Profile, Research) rose 3.9 percent while Santander (STD.N: Quote, Profile, Research) gained 2.9 percent.

But shares of Spain's telecoms giant Telefonica (TEF.N: Quote, Profile, Research) fell 2.9 percent to $56.20 after a brokerage downgrade. For details see [ID:nLU93376]

And energy companies also weighed down the market, with U.S. stocks of British Petroleum (BP.N: Quote, Profile, Research), PetroChina (PTR.N: Quote, Profile, Research) and Petrobras (PBR.N: Quote, Profile, Research) posting declines that ranged from 0.6 percent to 2.4 percent. Peer Exxon Mobil Corp (XOM.N: Quote, Profile, Research), the world's largest publicly-traded company, posted a 58 percent drop in quarterly profit that missed Wall Street's estimates. [ID:nN30357802]

The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) edged up 0.17 percent while the U.S. benchmark S&P 500 index .SPX fell 0.09 percent.

The Bank of New York Mellon's index of leading European ADRs rose 0.1 percent. In Europe, the FTSEurofirst 300 index of top shares advanced 1.5 percent boosted by bank shares, and market its biggest monthly percentage rise on record.

But Ericsson ADRs (ERIC.O: Quote, Profile, Research) tumbled 9.7 percent to $8.53 after the Swedish telecom gear maker posted a larger-than-expected fall in profits. [ID:nLU13920]  Continued...

 
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