ADRs End Lower; Oil Majors, Raw-Materials Firms Decline
September 28 2015 - 06:41PM
Dow Jones News
International stocks trading in New York closed lower on
Monday.
The BNY Mellon index of American depositary receipts fell 2.6%
to 121.86. The European index decreased 2.4% to 123.16, the Asian
index dropped 2.6% to 126.72, the Latin American index fell 3.9% to
150.18 and the emerging markets index declined 2.7% to 199.27. Oil
majors and raw-materials producers were was among the companies
with ADRs that traded actively.
Royal Dutch Shell PLC (RDSA, RDSA.LN) retreated from its
multibillion dollar Arctic drilling campaign, moving to end an
expensive project that only showed traces of oil and gas. However
the exploration program offshore Alaska caused a surge of protests
and could cost the oil major billions of dollars in charges. Shell
ADRs fell 3% to $45.87.
Oil prices slid Monday, pressured by concerns about weaker
global economic growth and the oversupply of crude. Among oil
majors with ADRs, BP PLC (BP, BP.LN) declined 3.5% to $29.38, Eni
SpA (E, ENI.MI) fell 2.9% to $30.30 and Total SA (TOT, FP.FR)
dropped 3.1% to $43.
Raw-material producing companies also declined as commodity
prices dropped following a report showing industrial profits in
China fell 8.8% in August from a year earlier. BHP Billiton Ltd.
(BHP, BHP.AU) fell 4.4% to $30.48, while BHP Billiton PLC (BBL,
BLT.LN) dropped 5.2% to $29.44 and Rio Tinto PLC (RIO, RIO.LN)
decreased 4.6% to $32.06.
Gold prices fell in tandem with other precious metals Monday, as
Federal Reserve members continued to make the case for a rate
increase in coming months. Higher rates tend to weigh on gold,
which pays its holders nothing and struggles to compete with
yield-bearing investments when borrowing costs rise. Among the
decliners, AngloGold Ashanti Ltd. (AU, ANG.JO) decreased 8.4% to
$7.38 and Randgold Resources Ltd. (GOLD, RRS.LN) retreated 3% to
$57.80.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 18:26 ET (22:26 GMT)
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