By Tess Stynes
International companies trading in New York closed mixed Monday
as investors digested speeches from several Federal Reserve bank
presidents and looked ahead to the prospect of a U.S. budget deal
later this week.
The Bank of New York index of ADRs rose 0.05% to 147.82. The
Asian index was down 0.26% to 148.26 and the emerging-markets index
added 0.46% to 278.17. Indian stocks closed at record highs and the
rupee reached a four-month high after a strong showing in state
polls by the country's main opposition party spurred hopes for a
market-friendly shift in the capital. Gainers included ICICI Bank
Ltd. (IBN, 532174.BY) the largest nonstate lender, which rose 5% to
$40.48, and HDFC Bank Ltd. (HDB, 500180.BY), which advanced 2.2% to
$36.48.
The Latin American index increased 0.92% to 283.98. In Brazil,
mining and steel shares received a boost from better-than-expected
Chinese export data over the weekend. Brazil is a major supplier of
raw materials to China. Brazilian steelmaker Gerdau SA (GGB,
GGBR3.BR, GGBR4.BR) rose 1.7% to $7.90 and mining company Vale SA
(VALE, VALE3.BR, VALE5.BR) increased 1.3% to $15.45.
Colombia's state-owned oil company Ecopetrol SA (EC,
ECOPETROL.BO, ECP.T) and Talisman Energy Inc. (TLM, TLM.T) of
Canada on Monday declared the commercial viability of an oil area
they have been exploring together--one they say will add at least
35 million barrels of reserves for both the companies and
Colombia's overall, dwindling supply. Ecopetrol shares rose 1% to
$42.97.
Peruvian mining company Compania de Minas Buenaventura SA (BVN,
BUENAVC1.VL) said Monday that operations have restarted at its
Uchucchacua silver mine following the end of a strike. Shares rose
1.7% to $11.09.
The European index rose 0.08% to 144.18. Nokia Corp. (NOK,
NOK1V.HE) is expected to propose Tuesday setting aside a large sum
of cash in return for the release of its Indian assets in a bid to
find a temporary solution to a tax dispute so that it can close the
sale of its handset business to Microsoft Corp., Dow Jones
Newswires reported Monday. Shares were up 1.5% at $8.
Bank of America Merrill Lynch added U.K.-based insurer Aviva PLC
(AV, AV.LN) to its "Europe 1" list of stock picks. The analysts
expect Aviva to outperform the sector in the coming year as the
market increasingly values the turnaround story and management
gains credibility. Shares increased 2.3 % to $14.18.
Write to Tess Stynes at tess.stynes@wsj.com