ADRs End Higher; Steelmakers, Mining Companies Rise
April 13 2016 - 6:26PM
Dow Jones News
International stocks trading in New York closed higher on
Wednesday.
The BNY Mellon index of American depositary receipts rose 1.9%
to 126.03. The European index increased 1.6% to 123.15, the Asian
index improved 2.7% to 135.40, the Latin American index rose 2% to
186.36 and the emerging markets index increased 2.2% to 240.36.
Steelmakers and mining firms were among the companies with ADRs
that traded actively.
China's better-than-expected trade data for March drove prices
of copper and other industrial metals higher Wednesday, though
concerns continued to linger about excess supplies. Gainers
included mining companies and steelmakers with ADRs. ArcelorMittal
(MT, MT.FR) rose 6.6% to $5.53, Companhia Siderurgica Nacional
(SID) advanced 19% to $3.72, Gerdau SA (GGB, GGBR3.BR, GGBR4.BR)
increased 8.3% to $2.35, (VALE, VALE3.BR, VALE5.BR, VALE5.FR) rose
6% to $5.64, BHP Billiton Ltd. (BHP, BHP.AU) increased 6.7% to
$28.51, BHP Billiton PLC (BBL, BLT.LN) rose 7.3% to $25.12 and Rio
Tinto PLC (RIO, RIO.LN) increased 6.5% to $31.88.
Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA),
together with its financial affiliate, is placing a $1.25 billion
bet on Chinese food-delivery app Ele.me, further fueling the battle
to deliver offline services to Chinese consumers through mobile
phones. The move to back Ele.me comes after Alibaba reached a deal
earlier this year to sell its stake in Meituan-Dianping, China's
largest online provider of movie ticketing, restaurant bookings and
other on-demand services. Ele.me competes with Meituan-Dianping and
Chinese search company Baidu Inc.'s (BIDU, K3SD.SG) Nuomi platform.
ADRs of Alibaba rose 2.3% to $79.64. Baidu increased 3.5% to
$193.98.
Harmony Gold Mining Co. (HMY, HAR.JO) announced significant
copper-gold drill results at its Kili Teke prospect in the Hela
province in Papua New Guinea, and said it expects to report a
revised mineral resource estimate in the September quarter.
However, ADRs fell 5.2% to $3.84 as gold prices declined.
China's government has invested at least $3 billion in research
institutes and domestic companies working on genetically engineered
crops, but state-owned China National Chemical's planned $43
billion purchase of Syngenta AG (SYT, SYNN.VX), the Swiss-based
seed and pesticide company, may get China there faster, according
to the annual ISAAA survey on biotech crop adoption. Syngenta's
ADRs edged down 18 cents to $83.91.
ADRs of Vedanta Ltd. (VEDL, 500295.BY) rose 6.4% to $5.98 after
the company said the Indian government hasn't blocked its planned
merger with Cairn India (532792.BY).
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 13, 2016 18:11 ET (22:11 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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