ADRs End Lower; Petrobras Trades Actively
March 08 2017 - 5:22PM
Dow Jones News
International stocks trading in New York were down on
Wednesday.
The BNY Mellon index of American depositary receipts declined
0.66% to 131.19. The European index decreased 0.62% to 122.92. The
Asian index eased 0.32% to 150.53. The Latin American index fell
2.3% to 221.53. And the emerging-markets index declined 0.66% to
266.30.
Petróleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR) was among the
companies with ADRs that traded actively.
Randgold Resources Ltd.'s (GOLD, RRS.LN) ADRs fell 2% to $85.55
on Wednesday, following a rating cut by RBC Capital Markets to
underperform from sector perform. With the gold miner's current
growth phase nearing its end, RBC is uncertain about the firm's
next source of value creation.
Brazil's securities and exchange commission, the CVM, ordered
state-run oil company Petrobras to republish its financial
statements for 2013, 2014 and 2015 to include details of the
company's hedge operations. Petrobras said it believes "it uses the
Hedge Accounting practice correctly and reiterates that the
company's financial statements for the years 2013, 2014 and 2015
are in accordance with accounting practices adopted in Brazil, as
well as with international standards (IFRS) and were audited by an
independent auditor who issued an unqualified opinion that these
statements adequately presented." ADRs fell 7.5% to $9.36.
ADRs of oil and gas companies fell as oil futures posted their
biggest percentage loss since February 2016 and tested the
$50-a-barrel level following a large buildup in U.S. supplies. The
U.S. Energy Information Administration said crude-oil stockpiles
rose by 8.2 million barrels in the week ended March 3, far above
the 1.7 million-barrel increase predicted by analysts and traders
surveyed by The Wall Street Journal. Among the crude-oil companies
whose ADRs fell on Wednesday were BP PLC (BP, BP.LN), down 1.7% to
$33.31; Cnooc Ltd. (CEO, 0883.HK), down 3.2% to $113.85; PetroChina
Co. (PTR, 0857.HK, 601857.SH, K3OD.SG), down 2.3% to $74.10;
Statoil ASA (STO, STL.OS), down 3.3% to $16.84; and Vale SA (VALE,
VALE3.BR, VALE5.BR, VALE5.FR), down 5% to $9.46.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
March 08, 2017 17:07 ET (22:07 GMT)
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