ADR Report: Shares Slide As Greek Fears Trigger Bank Losses
February 10 2012 - 4:55PM
Dow Jones News
International companies trading in New York closed lower Friday,
in line with the broader markets, as uncertainty over Greece
intensified after euro-zone finance ministers held off on approving
the country's second bailout.
The Bank of New York Index of ADRs dropped 1.8% to 129.85, with
banks driving the losses.
National Bank of Greece SA's (NBG, ETE.AT) shares tumbled 9.2%
to $3.44, and France's three largest banks all posted sharp
declines. Societe Generale SA (SCGLY, GLE.FR) closed 8.5% lower at
$6.06, Credit Agricole SA (CRARY, ACA.FR) slipped 7.6% to $3.42,
and BNP Paribas SA (BNPQY, BNP.FR) fell 6.1% to $22.91.
UBS lowered its stock-investment rating on ING Groep NV (ING,
INGA.AE) to neutral from buy, citing a strong share performance
relative to the sector in the past year. "With asset quality
worsening and our concerns over the Dutch mortgage market, the risk
to earnings estimates is to the downside," the firm said. ING
shares slid 7% to $8.54.
The European index fell 1.5% to 119.09.
Demand for diamonds will be lower this year due to the dismal
global economic climate, diamond mining company De Beers SA said.
The announcement weighed on the shares of fellow mining company
Anglo American PLC (AAUKY, AAL.LN), whose shares lost 5.1% to close
at $21.55.
J.P. Morgan Cazenove downgraded Britain's National Grid PLC
(NGG, NG.LN) to neutral from overweight, noting that the 2012
outlook for Europe's second-best performing utility over the past
12 months is more challenging given upcoming regulatory reviews.
Shares closed down 1.6% at $50.
The Latin American index slipped 2.4% to 375.48.
Heavy fuel imports, dry oil wells and impairment charges
combined to send fourth-quarter net profit at Brazilian federal oil
company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras,
plummeting more than 50% year-on-year, falling well short of
analysts' expectations. Shares slumped 7.6% to $29.57.
Crude oil futures prices fell in line with broader market
declines as the International Energy Agency cut its estimates for
global oil demand this year. That led to losses for other South
American oil and gas companies. Argentina's YPF SA (YPF, YPFD.BA)
fell 1.5% to $34.32, and Colombia's Ecopetrol SA (EC, ECP.T,
ECOPETROL.BO) declined 1% to $52.91.
The Asian index closed 2.2% lower at 126.70, and the emerging
markets index dropped 2.1% to 309.84.
Advanced Semiconductor Engineering Inc. (ASX, 2311.TW), the
world's largest chip-packaging and testing company by revenue, saw
its fourth-quarter net profit fall 46% because of weaker global
demand. The Taiwan-based company's shares slid 3.2% to $4.79.
Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) said its
unconsolidated revenue in January fell 1.1% from the same month
last year. The world's largest contract chip maker by revenue also
said consolidated revenue slipped 2.3% from a year earlier. Shares
closed 3.1% lower at $13.84.
Citigroup suggested the recent rally in solar stocks may be
getting ahead of itself, arguing that margins may not snap back as
quickly and noting demand is coming from China and India, where
prices are "very, very low." China's solar companies slumped, with
Yingli Green Energy Holding Co. (YGE) tumbling 9.5% to $5.34, Trina
Solar Ltd. (TSL, K3KD.SG) closing 7.3% lower at $10.15 and Hanwha
SolarOne Co. (HSOL) falling 5.6% to $2.20.
-By Ian Thomson, Dow Jones Newswires; 212-416-2314;
ian.thomson@dowjones.com
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